SPR completes bullish flag
The uptrend for SPR is still a little erratic. It has been using the daily 200ma as support rather than the 50ma - so the pullbacks have been deep and prolonged. This has not made it easy to trend trade.
However, since breaking above the 2007 high ($41.72) we have seen a slight change in personality. Price did struggle at this level and retested the area three times during December 2014 and January 2015. The retests were not clean but the 50ma also came into play so we now have a very strong support zone.
Yesterday's bar confirmed a bull flag - which also broke above the recent pivot high, on higher volume, and with a very bullish bar. However, this stock is not ready to trade right now as earnings are due today - so we should wait to see how this plays out. Price is also approaching the $50 half figure.
However, since breaking above the 2007 high ($41.72) we have seen a slight change in personality. Price did struggle at this level and retested the area three times during December 2014 and January 2015. The retests were not clean but the 50ma also came into play so we now have a very strong support zone.
Yesterday's bar confirmed a bull flag - which also broke above the recent pivot high, on higher volume, and with a very bullish bar. However, this stock is not ready to trade right now as earnings are due today - so we should wait to see how this plays out. Price is also approaching the $50 half figure.
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