Spar Group has carved a triangle from which price is trying to breakout, the point at which price is, has convergence of resistance (the 200DMA, declining resistance line, 30 week moving average), in contrast there are multiple supports (triangle ascending line, channel support). The share has a lot of indecision, whichever way it goes, there will be healthy momentum to chase price.
Stop-loss: Price going below the point marked by the grey arrow means bears seize control & all bullish analysis will cease until price reaches a weekly cycle low.
Stop-loss: Price going below the point marked by the grey arrow means bears seize control & all bullish analysis will cease until price reaches a weekly cycle low.
Comment:
Spar has hit support of the parallel channel, the roadmap was clear & a fair warning for longs to go out as soon as price went below grey arrow low, the relief rally that followed was a last chance to exit.