SPC 221008

The 1st hint of warning came on 6 oct when SPC broke the 4.27 neckline support (blue --). Confirmation came the next day when SPC broke the long term downtrend support (low red) and downtrend support (mid grey) with volume.

As you can see from the chart, SPC spiralled down after that and the highest it came back to was to test the downtrend resistance (mid grey) again on 14 oct. I've just added in the short-term downtrend channel (black). After 15 oct, SPC never closed above the downtrend resistance (mid grey).

Today, it gapped down and opened right on the short-term downtrend resistance (mid black), more importantly, it broke down with volume, just like it did on 7 oct.

As it stands now, things don't look too good for SPC. There could be some sideway tradings but I guess it's going to trend within the downtrend channel (black).



For tomorrow :

Support @ 2.57, 2.31 (low black)
Resistance @ 2.64 (mid black), 3.01 (pink --), 3.07 (low grey, upp black)