Sound Global: Testing Important Resistance

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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.

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Sound Global – At a Very Critical Support Now

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Sound Global seems to have ended an Elliott Wave B and start a Wave C. (Refer to previous post on the Elliott Wave pattern on Sound Global). This turning of direction also potentially forming a right shoulder of a Head and Shoulders pattern.

 

Things to look out for:

  • Currently Sound Global is just sitting on a critical support at about $0.846. This is a support level of 20D MA, 50D MA and 78.6% Fibonacci Retracement Level. Breaking below this level will send Sound Global to test the up trend channel support (green line).
  • If the uptrend channel support (projected at about $0.80) is broken, the next support is the neckline of the head and shoulders at about $0.77.
  • If this neckline is broken, the price target of this head and shoulders pattern is $0.51.
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