SXP broke and retested the $4.45-$4.50 zone. A potential 50% move to the $7.50-$8 area is the target if we can get a clear break and confirmation of the $5 resistance level. This would also complete the cup and handle formation. The daily MACD crossed bullish on the 28th with some good upside potential. A retest of the $4 level wouldn't be bad, but a break of the descending triangle is needed afterwards. If we break below $4 we are likely to have a downtrend to the previous lower area of $3.25, following the descending triangle downwards.
As this point I favor the retrace to $4 before going up, but I like confirmation before trading.
As this point I favor the retrace to $4 before going up, but I like confirmation before trading.