From a technical perspective- I will do my best to explain to my...

From a technical perspective- I will do my best to explain to my take on the SGR chart and why I think this will fly very soon





A numerical summary :

1/ The moving average convergence/divergence on the chart originates 16 months ago and been strengthening even since to what looks like the precipice of a reversal. I am trusting the long set up regardless of the recent sell off.

2/ There is an identifiable downtrend resistance line that originates 16 months ago also. Once that breaks its proper confirmed imho

3/ Formation of a 3 month bull wedge with divergence suggestion a reversal was on the horizon

4/ A significant resistance trendline that originates 6 months ago

5/ On 20/2 there was a massive volume selloff likely caused by targeting a sizeable liquidity pool from traders taking long positions at number3 was absorbed and price grinded north suggesting a good chance the low was in.

6/ That sell off and subsequent price action stayed in the confines of what what appears to be a bear flag

7/ The resistance line (number4) which was tried as tested on five occasions was broken which was significant triggering long positions, many of which were leveraged with stop losses set at number9

8/ The bear flag (number6) broke and the trading update sell off triggered both short positions (confirmation of number6) and also triggered stop losses from leveraged positions taken at number7.

9/ This created a large liquidity pool with volume


Next week is pretty exciting. Although I thought there was a chance it might end up green for the day on Friday, more than likely a lot of traders long and leveraged might have got scared out the trade, especially coming into the weekend with hearings next week. The finish was solid as on closing auction to be 50.5 bid with volume.