Spackman- at critical support?
Spackman , a korean entertainment company has been pulling back the past few days after bouncing up to its recent swing high of 0.194 . It is currently at 0.181 which is around the uptrend line lower channel support level and the downtrend line support level (which after breaking above this downtrend line lately , it pulled back and retest this downtrend line again today, which now act as a support) .
Such confluence of support levels may signal Spackman is now at a critical support . If it can bounce off from the current price level of 0.181 , it may test the next upside resistance of 0.189 follow by 0.194 .
However if it break below 0.179 the low of today candle, which is below the critical support level of the uptrend and downtrend lines , then it could retest the next downside support of 0.176 follow by 0.169.
Be aware that Spackman’s results is pretty near which may be later this week or next week , so if you are trading this stock , do take note of it .