Monday, July 18, 2011

A Little Clarity Today.

The right side of this current weekly chart of SCO shows a strong move to break a long down trend and price action has fallen back to the middle Bollinger band. I think that another bounce to the upside should occur not only because of the supporting middle Bollinger band but also because of the bounce and re-test of the 50% Fibonacci retracement level. Exit area is still $50.00 to $54.00 based on daily chart.

Weekly Chart by

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