SPE
has progressed since our last post here where price was at £8.42, and now stands at £9.12 at the time of writing this post. We have highlighted the area of consolidation which was from March 2017 to January 2018. The longer the period of consolidation, the bigger the trend may be that follows a breakout. As this period of consolidation lasted almost a year, we can expect a big trend which is what we are seeing so far.
On the Weekly chart shown, we can see there has been mostly bullish bars indicating strength with the buyers and good momentum to the upside. If the momentum continues like this as price approaches the £10.00 round number then it shouldn't cause much problems in stopping/slowing down price.
As £10.00 is a strong round number, anything can happen when price meets it so it will be interesting to see what the outcome is.
Right now we will be standing aside here and looking for trades if price breaks through £10.00.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading