Hi Team
I'm new to SEA. Mostly a technical trader looking for an entry. I'm hoping to accumulate <10c. I'm not a ramper or a down-ramper, I'm just realistic and whatever I say won't influence the price (some people get a bit emotional when you don't agree with them)
Here's my take:
We're very extended above the 20, 50 and 200 MAs, the weak close on Friday indicated to me some people are wanting to take profit, after a 60% run that's expected (regardless of fundamentals) I think it's likely this will spook people into profit-taking early next week, after all, a pullback is inevitable.
9.7c (close enough to 10c) is a historical natural level and obvious psychological level.
Believe in it or not, there's a gap at 7.5-7.6c, in my experience, day traders love to fill these micro-cap stock gaps... This level also represents the 50% retracement of the recent up move from 4.6c as well as the 150% extension of the all-time low.
Summary:
I'll be surprised to see this continue up next week (of course it's possible) question is, how big will the pullback be?
8.2-8.6c is the first band of support
7.5-7.6c is the next band of support. It would be nice to fill that gap for peace of mind. Still a relatively healthy pullback
A close sub 7.5c would raise concern.
