April 24, 2009
Strength in a Bear Market
By Planet Wealth
SDL – Sundance Resources Limited, is another resource stock show strength in the bear market.
On the weekly chart, the stock has been slowly rising making a small Inverted Head and Shoulder Pattern (INH&S). The neckline is at $0.10 which is also a significant resistance line. Should the stock break above this we could expect a run to $0.17 where there is a resistance line from the overall up trend and a significant resistance line and a Key Moving Average (MAV). This is likely to push the stock down again.
For this stock to be truly considered bullish, a Higher Trough above $0.17, MAV and long term trendline would be needed. Until then this stock is more likely to continue heading down.
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