Another Failed Breakout for Spar
Spar Group rallied after a failed daily cycle 2, as is we are looking at a very short weekly cycle unless current cycle breaks back below R96.40, not entirely unthinkable given the following:
1. The move up saw declining volume.
2. The RSI & TSI have shown negative divergence.
3. RSI is overbought, failed breakouts on overbought conditions usually lead to quick reversal.
History shows that Spar investors are no strangers to violent sell-offs & we could be back to the support of the parallel channel in little time.
A close above the channel resistance would be a stop loss.
1. The move up saw declining volume.
2. The RSI & TSI have shown negative divergence.
3. RSI is overbought, failed breakouts on overbought conditions usually lead to quick reversal.
History shows that Spar investors are no strangers to violent sell-offs & we could be back to the support of the parallel channel in little time.
A close above the channel resistance would be a stop loss.
Trade fermée: ordre d’arrêt atteint
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.