Sgoco Group Trades On Higher Volume: Technical Levels To Watch

SGOCO Group LTD. SGOC gained 14.65% in Thursday's session, with no company-specific news that would make it evident why there was an increase in volume. 

The stock has shown higher trading volume for the last three months. Here are some technical levels to watch. 

Sgoco Technical Levels To Watch:The short term 5-minute chart below shows that there is a potential level of resistance near $2. The chart history shows this is a price level that acted as support multiple times before breaking to the downside.

The price level would act as a resistance level for a technical trader.

The chart also shows the price level near $1.50 has acted as a support in the past and could potentially act as one in the future.

The bullish technical trader would like to see this level act as support again, or for the $2 resistance to break with a consolidation period to the upside.

Consolidation above resistance creates the potential for a further upward move. The bearish technical trader would like to see the $1.50 support level break with consolidation below before a further downward move is possible.

The daily chart below shows the price level of $1.50 previously acted as a long-term resistance until recently it was broken on increased volume.

The price fell back to the price level of $1.50 and it held as a support.

The price has climbed a few times to the price of $2.75, but has never been able to close above the level. To a technical trader, this now acts as a potential resistance for the chart.

As with the short-term resistance and support, a bullish technical trader would like to see the resistance break with a period of consolidation before a potential further upward move.

A bearish technical trader would like to see a break of support with consolidation below before a further downward move may be possible.

SGOCO is trading with a market cap of $97 million with a public float of 51.11 shares.