Starting in mid-July I starting giving market updates with a $13.90 price target for entering SPDN.. On July 27, SPDN presented that buy opportunity with a drop down to $13.85, just 5 cents under the price target (marked by the white circle). Since July 27 SPDN had a 6.56% upswing that corresponded with SPY’s 3-week correction. However SPY had a bullish bounce off the red support level and the S&P has been relatively neutral since then. SPDN is currently neutral around the midrange of the Bollinger Band with no clear direction.
Key Price Levels:
– SPDN has support at $13.90 and $13.99, but this support level could break if SPY continues its bull trend over the next few months
– SPDN’s key sell targets on the way up are $15.07 and $15.62.
TradingView Chart:
https://www.tradingview.com/chart/SPDN/korq5dST-SPDN-is-Neutral-after-6-5-Upswing/
