Sodastream International Pops On Technical Focus
Sodastream International (NASDAQ: SODA) popped up five percent Wednesday, generating nearly a seven percent gain for the week.
Traders draw attention to Sodastream's $34 price level and take action on breaking the level as the company's price chart did the first day of August. Shares of Sodastream appear to be easing down to the high $34.20 territory, which compares to June 26 lows.
Monday and Tuesday candle display projects a bullish engulfing pattern, where Tuesday's bearish candle body fits into Wednesday's green candle body perfectly, suggesting bullish short-term gains for the following candle, as seen on Wednesday.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.