The current chart pattern is a horrible descending triangle with lower highs and shaky base. If this plays out, expect a capitulation to the downside. It can also create an opportunity for a bounce. At this stage however it should be taken as a very Bearish pattern. http://stockcharts.com/school/doku....art_patterns:descending_triangle_continuation
The MACD has been positive for days without any impact, so this is a failed signal and has not resulted in a bullish confirmation.
As the trading range flattens out the RSI will naturally increase.
Liquidity has dried up and their exists no significant buying support.
Previous staged selling was between 31-32.5 so expect that to be resistance on the way up.
Your downside risk statement is not supported by the technical indicators.
SGH Price at posting:
24.5¢ Sentiment: Sell Disclosure: Not Held
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