SCTY 1 November 2013

simple trading

Brazeau asks what’s likely for SCTY now.

In our opinion, SCTY is just breathing before making its next run higher.  The pullback to the 38.2% Fibonacci is perfectly reasonable… and coincides with the support provided by the high earlier this year.  Notice also the sharp decline in volume as price pulled back to that support level.  While it seems the stock held at support, a pullback to the 50% retracement line would even be within reason.

If price provides a reasonable buy entry and trigger above $46, it would be worth a shot.

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