On Friday, Swiber retest the support at $1.01 and closed at $1.02 with regular volume of 3.71 million shares traded.
A black candle stick with lower shadow indicates profit taking but the support managed to hold back the selling pressure.
RSI & MACD are bullish as MACD lines just perform a “golden cross” recently.
Immediate Resistance of Swiber: $1.04
Immediate Support of Swiber: $1.01
Currently prices are supported by 20 days MA and resisted by 50/100/200 days MA.
On 9/Dec, Swiber managed to break the critical resistance at $1.01 with high volume which could signal a reversal from the falling trend lines.
Although profit taking occurred today due to China tightening policies, but it may be a good time to buy Swiber at $1.01 if interested since the resistance turned support at $1.01 is expected to be very strong.
On Friday, Yangzijiang ......