Straits Asia Resources (SAR) failed to break the previous uptrend support turned resistance (green line) and also break down from the recent uptrend channel support (blue). Currently SAR is just sitting above the 50D MA support.
Is SAR starting a correction after a 5 months mini bull run? Level to watch:
- Uptrend support turned resistance and 20D MA resistance at about $3.03.
- 78.6% Fibonacci Support and 50D MA support at about $2.89.
- 100D MA support at about $2.70.
The volatility of SAR stock price represents a good stock for short term trade in either direction.