Spackman- On Halt now , What could be next?
Spackman , since our blog post last week ,bounced off the critical support level $0.180 and hit our first upside resistance of $0.189. Since then, it has been pulling back and broke below its uptrend and downtrend line support areas and touched its first downside support of $0.176, before being halted for trading today at a lower price of $0.174 .
So what could happen to Spackman after the halt ? If there is good news announced and caused it bounce up , it may rally back to the uptrend previous support now turn resistance area of around $0.187 , follow by the horizontal resistance of $0.189 and $0.194 .
However, if the announcement cause it to continue its drop after the halt, it may slide down to its next downside support of $0.169 follow by $0.162 .
Let’s observe and see which of the scenarios will pan out after the halt .