Sapcres has made a nice bounce from its intermediate support of 2.26. Now if u miss the 2.26 bounce trade, there's possibility of round 2. Today Sapcres closed at 2.45 which is above the intermediate resistance of 2.43. Now, if it can stay above this level, the next intermediate resistance would be 2.50 and thereafter would be really sweet to see it crack 2.58...
Based on the daily charts...is there room for further upside? well...why not. The 5day MA has just made a crossover on the 20day MA. MACD has crossed over into +ve territory. Stochastics seems to be still on the rise and don't look overbought.
Lets backtrack a bit, from 30/12/2009 Sapcres has been making a slow steady decline until 09/02/2010 where it closed with a nice hammer candle. I would call that the 1st pivot in the 3 months time frame. It has gone on to form a 2nd higher low pivot on 05/03/2010.
Like I said earlier it would be real sweet for Sapcres to stay above the 2.43 level. However if it does pullback (remember the market is never wrong), the sweetness is still there as long as the pullback does not hit below 2.26.
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