San West, Inc. (OTCBB: SNWT) closed yesterday at $1.34, up a solid .13 on volume that was higher than Tuesday’s 225K shares; Wednesday, SNWT traded nearly 276,000 shares. The $1.34 close is a solid breakout dispelling any myths that Tuesday’s move to the $1.21 level was a fake breakout to the upside. The stock is now trading at $1.40 as of 11 AM EST this morning.
What is just as significant is that the stock closed near the high of the day yesterday. Often times when stocks close at a level that is fifty percent or less of the day’s total move, the stock will retrace lower the next day. The stock has moved higher today as expected…
Yet another confirmation of this current move is the steady up-trend of the money flow indicator…
Yesterday’s Chart:
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