Due to failure of 4 attempts to clearly break historic $1.07 resistance at end-May (highs of $1.06 to $1.08 reached) it has fallen 21.3% to 85c low yesterday below another multi-year 94.5c support and close to the next one at 82.5c.
A repeat of the mid-May plunge will take it exactly to 82.5c, which should be a strong support, more so now that the counter is trading below its 13-day MA buy signal (96c) for the 8th day in a row.
Surprisingly during the mid-May correction Swiber held up well above this MA and this is the longest stretch since the March 23.5c bottom that this is happening.
A 38.2% retracement of the run-up from 23.5c to $1.08 ie to 76c (near mid-May low of 74.5c) is unlikely.
This is because longer term MAs are all bullish with the 50 and 200 days making a golden cross recently while the 100 days is heading towards another cut with 200-days.
RSI at 51.3 is at lowest since end-April 46.2 at point when it broke out past 50c. The weekly MACD is still on the rise having cut its MA.
With the stock out of downtrend channel a trading range around 83-94c is likely as the stock builds a new base for another assault at $1.06-08 in coming weeks.
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