Price rose strongly towards the target proposed below however further analysis suggested there may be a price channel as shown on the chart below. As that channel suggested a top of $0.94 (a price that coincided with another target calculation) I opted for the conservative option and exited my trade at that lower price rather than wait to see if the original target would be achieved. 

SVY 13Nov20

23 October 2020

SVY is a volatile stock with challenging aspects for a chartist. For example, while Elliott Wave’s have been marked on the chart, I have reservations they are accurate. However, price has been trading above the blue dashed support line since 2017. It rose from a March low to make a new uptrend (Wave 1?) which rolled over and fell back exactly 50% of that earlier rise before turning up again to break the new downtrend line, making a higher trough and higher peak (if price rises another $0.01) – all of which are buy signals. Price has made a cup and handle pattern and assuming price pushes higher there is a target at $1.08.

SVY 23Oct2020

Contact

Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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