SPC rebounded and price closed above the upward sloping support trendline. Overall trend is down with long term EMAs converging and pointing down too. Currently formation resembles a Head & Shoulder pattern which is a reversal pattern. Neckline can be found at $4.76. Stochastic turned down from 50% line and is currently in the oversold region.
In the head & shoulder pattern, price may attempt to retest the neckline (i.e. prices move towards $4.76). In the event that SPC cannot overcome $4.76, the stock is very likely to move down towards support of $4.36. If $4.36 fails to hold, the next support can be found at $3.80-3.82. We advise investors to take profit if SPC cannot overcome $4.76. This would confirm the H&S reversal pattern.
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