Trade Idea: Spar Group (SPP)

4 dic 2018

A share's prior breakdown level often becomes a distribution zone once the level is re-test. Spar Group, which has rallied back to this level, is also testing it's downward trend line resistance while the last three sessions, by observation of the candle structure suggests 198/202 becoming a distribution zone. while the volume is starting to decline on this 4-day push higher. This is where I think we are setting up a short/sell for a move back down to 189/188.

Short on print back above R200
SL: R205
TP: R188