Scottish Pacific (SCO.AX)
BLACK SPINNING TOP
Trading: NO POSITION @ $4.4
Signal Strength: WEAK
Indicator MUST BE USED in additional to another technical indicator to confirmation for trading position. Indicator can be applied to the short term timeframe but is only able to give and indication of the strength of the buyers versus sellers at the market close. This Japanese candlestick indicator can provide guidance on the short term battle between sellers and buyers from the companies recent trading.
Scottish Pacific (ASX:SCO) has formed a Black Spinning Top candlestick. This means, SCO has opened and closed within a small range with a upper and lower shadow that is longer than the body of the candle. This has similar traits to that of a doji candle highlighting the supply and demand indecision Given the limited timeframe in which signal has formed, further confirmation is required through volume and additional technical indicators.
This candlestick has a tiny black body with upper and lower shadows that have a greater length than the body. It is accepted as a type of Doji and will act as a Doji when it appears.
Calculation: Black Spinning Top Candlestick:
1) The body of the candlestick is black and very small;
2) The upper and lower shadows are longer than the body;
PROFILE: Scottish Pacific (SCO.AX)
Stock Exchange: ASX
Company: Scottish Pacific
Ticker Codes: | SCO.AX | ASX:SCO |
Scottish Pacific Group Limited provides working capital solutions to small and medium sized enterprises in Australia, New Zealand, the United Kingdom, and Hong Kong. The company operates in two segments, Debtor Financing and Trade Financing. It offers invoice discounting, factoring, cash line, asset finance, bad debt protection, progress claim finance, and other specialized products. The company also provides import and export finance, and trade line products; and supply chain financial services. It primarily serves temporary labor hire, recruitment, manufacturing, wholesale, business services, transport, printing, and wholesale fashion industries. The company was formerly known as Tartan Holdco Pty Ltd and changed its name to Scottish Pacific Group Limited in June 2016. Scottish Pacific Group Limited was founded in 1988 and is headquartered in Sydney, Australia.
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