Spongetech SPNG Stock Technical Analysis - 9/15/09

The following is technical analysis on SpongeTech Delivery Systems, Inc. (SPNG.OB) for September 15, 2009

SpongeTech Delivery Systems, Inc. (SPNG.OB) Support and Resistance Levels - 9/15/09

Resistance Levels - $0.14, $0.16

Support Levels - $0.10

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SpongeTech Delivery Systems, Inc. (SPNG.OB) took a nose dive last week after the company announced a reverse stock split. The stock is now trading below both the 10 & 50 day moving averages which is technically bearish. While the uptrend which started in May is still intact, I will be waiting until the stock closes above the 10 day moving average to buy. Resistance is located at $0.16 while support is located at $0.10. Also, check out HTDS

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