2 good news developments in a week.. Time to look at the charts and what better than a noiseless point & figur for analysis.
* Since 24-Jan-2024, the stock had been in a downtrend. * It breached its long term support of 0.195 around 25-Jul-2024, an since then has been consolidating in a close channel between 0.195 and 0.155. * The 45 degree trend line is a great tool in P & F, and we can see the consolidating price now inching close to the RED line here. * The volume dried up Jul-Nov'2024, and a stock with such low liquidity has to be in the hands of market makers to pump it up with good news... And we can see the volume starting to jump up in last few weeks.. * Combination of the last positive news postings, plus the volume picking up... plus the price now close to the resistance line... All that is now required is, for the price to reverse in the "X" column, which will happen once on a daily basis it closes at or above 0.170. Once it shows a "X" above the RED line... that will be a polarity switch, and a "X" close above 0.195.. is going to set this stock on FIRE..
Tread with caution though, as this is a penny speculative stock. For me this will be a BUY once it crosses the RED line.
SPN Price at posting:
16.0¢ Sentiment: Hold Disclosure: Held
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