Spackman Ltd – Weekly timeframe (Update from 14 February 17)
Current Sentiment: Bullish
Support 1: 0.169 Resistance 1: 0.194
Support 2: 0.154 Resistance 2: 0.199
Due to the lack of bullish follow through, price went further into the correction instead, taking price to a low of 0.154.
However, the long term uptrend remains intact shown by the strong support off the confluence of 20 week moving average and 0.154 resistance turned support area. Furthermore, there was an increasing volume Bullish Engulfing Bar rejection off the support area on the week ended 07/04/17 that broke price above the pullback line and 20 week moving average signals further strength ahead.
Expect the uptrend to resume next for price to test the 0.194 resistance area followed by 0.199.
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