Chart.
posted on
Aug 09, 2022 08:49AM
What a Run?! The last time I looked at the chart ( and posted) was July 30 :
“Right now MACD and RSI look a bit overbought and little pullback is possible, but the overall direction should continue to the next resistance at $27. Then thing should settle down unless we have major news."
We had a small pullback around $26 a few days ago, but with huge news from Washington SP managed to over-run $27 resistance and reached almost $29.
Right now little pullback would be healthy to consolidate such a nice run. MA200 at $27.60 provides good support, or at least the next one at $26 should keep SP from going any lower. With three home run news which are coming in a Fall– one has to be crazy to short this stock.
So, after small consolidation, the next run-up should take SP to resistance at $32.
All ahead.