.....
My thoughts, using my 'price guide', from which I am now taking guidance ...
SPS - 28.00p - SUPERSCAPE had an excellent 'first half' last year, rising from its 'basement floor' up through 4 x ranges, until being held by the 45p ceiling of the fourth.
After a couple of months of being unable to break out, it eventually faded, and fell through to the 25-35p range below. It tried to re-enter the upper range in Nov, but failed, and is now fading again towards the 25p floor of its present range. It is now below the 30p 'mid range' level, which means that it has a greater chance of falling out of the bottom of this range, and if it moves below 27.50p, those chances increase.
However, the 25p floor of this range, is one of the stronger MAJOR KEY LEVELS, and I reckon this will halt its fall .. if it doesn't, then that would give a very strong 'warning signal'. Its indicators suggest that its entering a 'positive' period which could be used to either rise, or to hold and consolidate at its present level. Volume has been lacking recently, increased volume would certainly help. Overall, I reckon it could be spending a bit of time 'consolidating' within its 25-35p range, if so, buying opportunities would present itself on any rise up from the 25p floor, and upon a breakout of the range.
Note yet again, the strong rise associated with the
uptrend breakout of the 25p level last August !!
'Streaming chart' to monitor the 25p support level.
