2 pin bars next to each other on the daily gold chart tells me the traders are undecided about where it is going. Reinforcing the fact that each wick rejecting their accompanying trendline.
The problem when a stock has dropped a lot is that the natural thing to say it is over sold in this case. The market sold it down this way for a rational reason/s. I tend to be cautious about contrarian bias unless I am compelled by panic selling say in RRl today. Even then I reckon the market is factoring the next week/month for its cash generating potential.
If I were to bid then it has to be at the lowest point as a producer, 35C level and I would scale in. Just personal strategy.
SLR Price at posting:
39.0¢ Sentiment: None Disclosure: Not Held
