Potential MACD Divergence coming into play

SPE is oversold and has just broken support at $5.40 from Aug 24 2015. It may very well go lower from here if WTIC retraces back to $43 but the slowing of downside momentum as indicated by the divergence creates the potential for a trade-able bounce. There is short term resistance at $5.43 and again at $5.53. A break through $5.53 to the upside could take it to resistance at $6.50 and then $6.75. SPE is trading below the $5.50 price when WTIC was at $43 in mid June even as oil rallied $6.00 to $50.

Please feel free to critique my TA as I am here to learn.

Thanks

Note

SPE at it's downward trendline. Divergence is still in affect but price needs to hold this trendline or look out below

Br0wnie

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Br0wnie

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