Looks like most of the likely damage is already done. Further weakness overseas may see a test of the trendline marking the bottom of the up channel at around 3.04 tomorrow, but strength o/s instead may result in us seeing the low today without testing that trend line. It failed the first (horizontal) line of support at 3.34, but it has bounced nicely off the next line at 3.14 so far today. We should see strong support on the trendline at around 3.04 if it does manage one more down day. If it gets to 2.90, where it broke out in Oct. I would expect a sharp and sustained rally, but doubt that we will see it.
SLR Price at posting:
$3.23 Sentiment: Buy Disclosure: Held
