SGY has developed into a in bull pennant, very similar to USOIL.
Touched support three times (~$9.65) and touched resistance at least twice.
Up into a bull pennant and up out of a bull pennant. Pattern should hold with consolidation over the next two to three weeks (August 29 - September 9, 2016).
Expecting a upwards breakout in general possibly the week of September 12. Will need to watch price and volume to see where it is actually headed.
Considering long position ~$9.65/$9.75.
Touched support three times (~$9.65) and touched resistance at least twice.
Up into a bull pennant and up out of a bull pennant. Pattern should hold with consolidation over the next two to three weeks (August 29 - September 9, 2016).
Expecting a upwards breakout in general possibly the week of September 12. Will need to watch price and volume to see where it is actually headed.
Considering long position ~$9.65/$9.75.