SLR now in an interesting position. Should I stay or should I go?
My trading chart. If SLR is going to establish a rising trend then we are now at a decision point on my trading chart. A bounce will confirm a rising trend.
Problem is - resistance is still in place and has held since April last year. The next move higher is almost certainly a breakout and target setting.
You can see how the 1.05 to 1.15 region is a likely entry point for a rising trend.
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Short term chart has a buy signal, is sitting on support and in a rising trend.
Difficult to suggest now is the time to buy as sentiment is still bearish. The cross failed. Support from here to $1.12 and beware the false breakdown.
There could be a shakeout prior to the next run higher.
As SLR is well below its' peers, I will hit buy tab based on this chart. I took a small position yesterday.
A reversal to $1.25 would be more prudent, less risky for an entry.
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