Scancell Holdings Price: SCLP Declines, Preparing for Potential Rally Above 8

PUBLISHED: Feb 08 2025 @ 22:39 | Comments (0) | More info about Azeez Mustapha

An overall outlook of most indicators now currently portends that bears’ efforts to drag the price movements further to the south in the transaction of Scancell Holdings Plc (LSE:SCLP) now appear a mirage, given that the stock market is preparing for a potential rally above 8.

In contrast to the prevailing bullish sentiment, bears may attempt to push the market below key psychological support levels, particularly around the 8 mark, over the long term—especially if SCLP Plc shareholders fail to strengthen upward momentum. However, sellers should be cautious of holding positions for an extended period, as any further declines from the current level are likely to be short-lived, with a potential reversal looming on the horizon.

Resistance Levels: 11, 13, 15
Support Levels: 8, 6, 4

What is the key resistance level as SCLP Plc trades around 9.15, just below the current EMAs?

Exhausting the market indicators more psychologically, it appears that the higher moving average has depicted the main barrier level to be around 10.0125, given that the stock price declines, preparing for a potential rally above 8.

The gap between the moving averages has widened, with the 15-day EMA now below the 50-day EMA. The stochastic oscillators have moved into the oversold zone, indicating that the market’s downward trend may be approaching its end. Given the absence of sustained bearish momentum, a prolonged decline appears unlikely.

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