Security Bank Corporation (stock symbol: SECB) has come quite a long way since price bottomed out (so far) for the year last March.
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From my previous post, we could see SECB has formed a triple bottom which got broken. However, my expected false move happened just 6 days after that post, and price went on to rise to higher highs. Essentially, what happened was price broke both the triple bottom and the trendline seen on that post.
I won’t be surprised if we’d see SECB move toward or close to 105-110 anytime soon. The ideal scenario is for 120 to hold for the rest of June and for bulls to keep the upside pressure constant and aim for 140-150. SECB should avoid carving out a new 2014 low. The 2014 low was set on March 27 and 28 at 105.10. SECB closed Friday with a 0.08% decline at 121.90.
The Moving Average Convergence Divergence (MACD) has been moving lower, simply following price.
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