Shares & Derivatives
SoundGlobal: Breaking out of resistance.
By A Singaporean Stockmarket Investor (ASSI)  •  December 7, 2012
I last added to my long position at 49.5c on 5 November 2012. For the reasons why I added to my long position then, please see my last blog post on the company. Today, Sound Global's share price broke resistance and formed a long white candle on relatively high volume. A long upper wick was formed towards the end of the session. This tempers the bullish picture somewhat.
On the daily chart, the positive divergence which was spotted earlier is playing out. So, we had an early indication of a possible uplift in share price. Therefore, it should not surprise us that resistance was finally taken out although it was anyone's guess when it was to happen.
On the weekly chart, the MACD, a pure price momentum oscillator, looks to be on the verge of a bullish crossover with the signal line in negative territory. A rebound in price could meet with resistance presented ......
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By A Singaporean Stockmarket Investor (ASSI)
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