Does SCC still have room to move up?
December of last year we saw SCC developing a handle for the cup. The retrace for the handle was 38.2% Fibonacci Retracement level (from bottom to 305, not illustrated on chart) or 275.60 per share Currently SCC has benn moving upward and may reach the 161.8% Fibonacci Retracement level or around 357.22 but before that will happen, a headwind may cause the price to retrace around 328.43 – 322. The upper range which is 328.43 is derived from the 127.2% Fibonacci Retracement level which is currently our support level but since the daily chart is showing that Kijun Sen is moving horizontally at 322, thus we have the lower range.
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