SPG closes just above $200
SPG caught my eye yesterday morning with 14th January's bullish bar on the breakout (and with higher volume). But it was trading below $200 so I passed it by.
However, during the day price traded just above $200 ($200.42) so there could be continued strength to the upside. This is supported by the cup and handle pattern which formed below the May 2013 pivot high. And the subsequent breakout retested this resistance-turned-support with a bullish flag and price continued higher.
As $200 can be a strong psychological resistance I would want another retest/pullback before considering a long position on this stock. With earnings due 30th January this may not take place with a enough time to benefit from the current move. But SPG can definitely go on the watchtlist.
However, during the day price traded just above $200 ($200.42) so there could be continued strength to the upside. This is supported by the cup and handle pattern which formed below the May 2013 pivot high. And the subsequent breakout retested this resistance-turned-support with a bullish flag and price continued higher.
As $200 can be a strong psychological resistance I would want another retest/pullback before considering a long position on this stock. With earnings due 30th January this may not take place with a enough time to benefit from the current move. But SPG can definitely go on the watchtlist.
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