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.

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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