SWY extended the recovery off the 16.06 YTD low (23 Sept) to probe the 18.91/18.99/19.20 resistance zone amid bullish RSI divergence and constructive MACD studies. An upside break above the 19.20 resistance is needed to confirm the base and shift the medium-term focus higher towards 22.50 (Resistance 1) near the base measured target. Further strength above would stage 23.60 (Resistance 2) ahead of 24.28 (Resistance 3).
However, failure to clear 19.20 would negate and re-open 17.26 (Support 1), loss of which would expose 16.12 (Support 2) which shields 16.06 (Support 3).
Trading Indication:
Short-term (or Intraday): Buy at 18.50 or lower;
Target at 22.50 and higher;
Stop Loss at 18.20 (2.0%)
Long-term: Possibly sell higher
No comments:
Post a Comment