SATS looks to have slowed down on its descend by rebounding on its bear channel support today.
Last Friday, it gap down on disappointing earning results.
On the pitchfork chart, it had rebounded from its bull channel mid-line after rejected by its channel top on 5th July in attempt to retest its channel top again on good ER expectations. However, it turned out otherwise.
Hence, last Friday it gap down to open at its mid-line and then closed after a light rebound above its channel bottom to close at $5.
Today, it opened higher at $5.01 but sellers sold it down to $4.93, breaking the channel bottom support. It rebounded lightly to close at $4.95 off its bear channel support.
As XD date is on 30th July, watch for price to stabilize.
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