SNN - Sunniva Daily Bull Continuation after consolidation.
My Take:
We formed an almost perfect "cup" (needing the handle) on the hourly topping at 4.88 on the day with the previous hourly high at 4.89 (double top) before closing lower at 4.76. This ramp could have been part due to the low float and having the equilibrium break up ward as well as the support hold at 4.18, continuation could have also been caused by a minor short squeeze after those indicators broke bullish.
Daily RSI levels have cooled of nicely for continuation daily upward but the hourly is a bit extended. Daily Moving averages all still look strong/bullish
My opinion for opening Monday, because US market is closed it typically results in less volume. I see a gap up on higher volume, close to $4.95 with a bit of selling pressure following, there was a big bid for 45K shares at $4.99 from Friday and I'll be watching that in the morning to see if it's there still. The selling will cool off the hourly RSI, support is between $4.50 and $4.65 (holding this will basically test the handle of the cup formation) with continuation afterwards. The other note was volume was still lower than average so any green days this week I'd be watching for the volume to increase.
Some nice healthy consolidation on the weekly chart, so I'm looking to see a close at or near the week near the high of the week, which would be ideal, and a break of $5.42 also. But that break of last weeks high could come the following week without any major red flags.
CSE:SNN.
We formed an almost perfect "cup" (needing the handle) on the hourly topping at 4.88 on the day with the previous hourly high at 4.89 (double top) before closing lower at 4.76. This ramp could have been part due to the low float and having the equilibrium break up ward as well as the support hold at 4.18, continuation could have also been caused by a minor short squeeze after those indicators broke bullish.
Daily RSI levels have cooled of nicely for continuation daily upward but the hourly is a bit extended. Daily Moving averages all still look strong/bullish
My opinion for opening Monday, because US market is closed it typically results in less volume. I see a gap up on higher volume, close to $4.95 with a bit of selling pressure following, there was a big bid for 45K shares at $4.99 from Friday and I'll be watching that in the morning to see if it's there still. The selling will cool off the hourly RSI, support is between $4.50 and $4.65 (holding this will basically test the handle of the cup formation) with continuation afterwards. The other note was volume was still lower than average so any green days this week I'd be watching for the volume to increase.
Some nice healthy consolidation on the weekly chart, so I'm looking to see a close at or near the week near the high of the week, which would be ideal, and a break of $5.42 also. But that break of last weeks high could come the following week without any major red flags.
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