Sopheon PLC Trending Hard and Fast

Sopheon is a good example of a nice moving stock. After it broke through consolidation which
lasted the for the majority of 2017, it smashed through the resistance level and has not looked back.
The Weekly 50 simple moving average played a part in pushing price up as it was used as support along the way.

After the consolidation breakout, price has had an impulsive move to the upside with no clear pullback along the way so one may be due soon.
If price does continue to move higher then it may struggle with the £10.00 round number as it can act as psychological support/resistance .

At the moment we are seeing price moving down slightly after reaching the £9.00 area so we will have to see if the pullback occurs sooner.
Remember that pullbacks are good opportunities to enter trades, just as long as they come down to a strong support area .

We shall be waiting for opportunities once price breaks through £10.00 as there will be no obstacles in the way after that point
and increasing the odds of a profitable trade.

Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!

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