It's still showing as many signs that a reversal could be unfolding, as what it's showing for a further downtrend IMO.
Yesterday, there was a very healthy 'Volume lead' in response to the sub-$3 price and ir confirmed for me that this level is the ultimate psychological test of the preceeding 4 support/resistance tests. So if that is the case, then i'm hazardking a guess that the downtrend is more likely going to reverse than continue to fall to wards $2-$2-50 range - there appears to be no need for this when volume picks up in line with the lower price and certain other technical indicators.
One thing will level out markedly when the point of inflexion is reached (but it won't last for long in the scheme of things) and that is volatility like momentum...DMI etc, whatever you favour.
My guess is that the share will trade between $2-81 and $3-04 roughly, if it is indeed mounting for a +$3-15 reversal...so far, that is happening so if it continues, it will be yo-yo action.
Cheers
PS: ASX Shorting info for SLX is currently veru useful data to line up against volumes/support lines when one is serious about anticipating this sort of thing.
SLX Price at posting:
$2.85 Sentiment: None Disclosure: Not Held
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