SVOA : Dead for years, and will remain so until it breaks above LT resistance
April 9, 2011 Leave a comment
SVOA is remembered for the 2003 “Taksin” rally, when it posted a monumental ramp from 1.12 to 6.65 in half a year. Since then, it’s been dull as dishwater, and on a longer term basis will remain so until lone day it finds the volume and support to break above the huge barrier seen at 1.90 to 2.12. With the recent high at 1.44 the first main resistance, the stock might tempt some if it comes off t0 1.03-1.05, albeit with a first support at 1.151.17.
As a trade idea, if 1.15 fails and it sees a quick downturn to much nearer 1.03, a speculative rebound trade with a 4-5 spread stop can be considered. If 1.15-1.17 holds for a few more days, consider entry near here for another move to 1.44 or so.