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Sound Global is currently trading within a down trend channel. Also take note that the long term 200D MA is trending down. Currently Sound Global is trading below 20D, 50D and 200D MA which is also a bearish sign. Sound Global has to break the 200D MA resistance or the down trend channel resistance at about $0.78 to stop the bearish trend.
Sound Global has shown a “Lower Low, Lower High” type of bearish chart pattern. The stock is currently trading below 20D, 50D and 200D MA and the next support is $0.7 which is also the 61.8% Fibonacci Support. If this $0.70 support is broken, Sound Global will start a very bearish down trend.
Sound Global is testing an important resistance at about $0.845. This level is a combination of 3 Moving Averages and also 78.6% Fibonacci Retracement Level. Failing to break above this resistance may trigger a down trend chart pattern for Sound Global. Next immediate support is at $0.70 followed by $0.60, a more attractive entry level for long term investing for this water treatment company.
