The recent pullback by Sally Beauty (SBH) has it trading at support levels again. This time however, it is at a confluence of support levels.
The horizontal support level at around US$31.80 was a strong resistance level until it was broken in February 2015. As a broken resistance level can become a support level, potential rebound may take place here.
In addition, this level also coincides with the short term Moving Average (MA). SBH had previously rebounded successfully from the MA the last time it traded to it.
Therefore, it can be concluded that SBH is now trading at a strong support level. However, to know if these levels are indeed holding up, technical reversal signals must form first.
To find out more about these technical reversal signals, join us in the upcoming complimentary seminar.
(SG) 2-Hour Coaching Session - US Markets
Date : 23 Apr 2015 (Thursday)
Time : 7:00pm-9:30pm
Venue : ChartNexus Learning Centre
Gold Room
10 Anson Road
International Plaza
#34-08, Singapore 079903
(Next to Tanjong Pagar MRT)
