Based on the W figure formed since Aug to start Feb, Swiber has broken out of its downtrend at around $0.65 and has been trending quickly towards $0.75. Lately, it took a correction and has tested $0.71 support firmly since Friday and today (intraday low is at 0.71). Now the stock is at $0.75, breaking through the highest close 3 trading days earlier.
Volume is at 6million currently, probably not that ideal but also since market has been inactive the whole of today, it should be relatively unaffecting the above analysis of a strong breakout by Swiber.
Blue arrow is the expected take-profits area by measuring the height of the W and projecting it above the support/resistance line at $0.65. Top right corner is a fibonacci projection, confirming the blue arrow's height/take-profit area of 61.8% fib. Red arrow is today's breakout.
Swiber is also not overbought on the weekly and since a correction has already taken place, chances are momentum is still intact.
Very strong call by the bulls this time.
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