$SBGL – divergences don’t matter until they do…

After being stopped out in late June, finally the Commodity Chanel Index (CCI) divergence on July 11th mattered — a buy at $4.70.

The stock has been slogging higher ever since, riding its short-term exponential moving average (see chart below).

It is challenging its down gap now.  If it can get into the gap with some conviction, the run-up could accelerate.

Original discussion posted here:

http://www.traders-talk.com/mb2/index.php?/topic/167061-the-wild-and-crazy-sbgl/?p=765640

(click on the chart for a larger view – updated 8/29)

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