SGRO
is developing into a nice trend using the 50 simple moving average to help it climb to higher highs. On the Monthly chart (not shown) price made an all-time high of £77.24 in 2007. After that we saw price plummet to a low of £1.50 in 2009.
Ever since then, price has been clawing its way back up and appears to be finding some steam and making higher highs and higher lows.
Price is above the Weekly & Daily 200 simple moving averages indicating that the bias is bullish.
There are no previous areas of support/resistance in the way of price and the only area that may be of concern is the £10.00 psychological
resistance zone which is some distance away from price, so nothing to worry about for now.
When price is trending well as it currently is, it usually tackles areas of resistance with ease but caution should be taken and stops
should be managed accordingly when support/resistance areas are approached.
The next pullback followed by a breakout should offer an opportunity to enter a trade.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading