Straits Asia Resources has been in retracement mode back to the uptrend support level. This uptrend line proved to be a good support on the past 7 occasions. You can see SAR rebounds from this support line everytime the stock touches this uptrend support line. This support also coincides with the 78.6% Fibnonacci Retracement Level.  So, keep a close watch and  wait for a nice rebound.

If this rebound does happen, next resistance is $2.80.  If SAR still cannot clear this $2.80 resistance for the 3rd time, it may be time to get out of this stock because there may be a formation of Triple Tops or Head and Shoulder chart patterns. Either one of this pattern is a trend reversal pattern.

Previous Posts on Straits Asia Resources.