SPALI : Two weekly closes below previous high suggests a pullback to the 10.50-9.80 range should ensue
September 25, 2011 Leave a comment
A solid performer of late, risk here is high after the two weekly closes below the 2010 high of 13.50, and indeed if the stock is to hold up it needs to close above here this week at the very least. Next supports are 12.50 then 12.20, from where there is not much in the way of strong support until about 11. A market drawdown to 900 or so should be enough to force this stock to 11 or slightly lower, but it wil be worth to play for the rebound on the way down.
For today, with a stop just under 13, consider entry at 13.2 or so with 13.5-13.6 the first VST target. If OFFER volume looks scary, just hold off and look elsewhere.