S32 appears to have set a cycle low on 26 June but then quickly went below it. We can expect price to push to break the resistance and close below it. We are watching the construction of a bullish reversal so this bearish thesis is not one we expect to last long, it can also have a violent move downwards as a convincing close below the support will psychologically push many bulls over the cliff. We will be patient watching where the dust will settle then assess a bullish scenario.
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S32 earnings delivered a violent move that saw buyers step in to take the shares off tired hands.