Yes, sometimes gap takes a long while before it closes, especially when the instrument is in a bullish phase and other indicators are showing positive signs of a move in the opposite direction to the gap.
However here are what the Hourly chart for SLR is showing:
1. Double Top 2. 20/50 Crossing - short term weakness 3. Trading in the downward channel - no breakout ATM 4. Trading sideways since 10 Jan, the FB 38.2 % retracement weak bounce 5. MACD turning positive
Two weeks is a long time for the Hourly chart to work out its momentum. My take is that there will be a rebound as MACD is trying to turn positive, but it will be short lived. The reasons are the three resistance levels overhead, and POG chart is still showing considerable weakness.
I'm looking forward to another drop, and possibly closing the gap, and the Hourly chart showing a divergence, before I add to my holding. The FB 50%-61.8% retracement would also provide a very strong support and should stem SP sliding further, at which point in time the Quarterly results announcement is due and with it, hopefully, will lift the SP.
