SIA broke out of the descending broadening wedge formation this week. Statistically, breakouts upwards rise 33% on average. Breakeven failure rate is 6%. Change after trend ends is -33%. 53% have throwbacks.
A 33% rise from breakout of $14.90 would give a target of $19.82. I think that is too high.
$18.45 would be a resistance level (necktie of 200, 50 and 25 day MA). It all depends on the global markets.
More likely we will see a throwback to $14.50 which might give investors a 2nd chance to buy if indeed markets have bottomed.
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