SLR 4.20% $1.24 silver lake resources limited

SLR – Will it go higher? SLR has been rising strongly but the...

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    SLR – Will it go higher?


    SLR has been rising strongly but the chart suggests to me that it is about time for an Elliott Wave 4 to come into play given Fibonacci extensions of Wave 1. As a falling wave this would see prices fall to perhaps $1.50 - $1.80 (depending on how steep the fall is – continuation of current momentum supports $1.50) before rising to ultimately make a new high somewhere north of $2.80


    A channel can be drawn up the rising prices that also suggests price might have recently reversed of the upper boundary of that channel. If right I’d suspect the $1.50 - $1.80 fall is confirmed by that being the lower boundary of said channel. The last price cycle’s W4 fell 40% and if repeated, that would also confirm a target of around $1.50


    At this time I can’t see any long-term exit signal but if it falls to close lower than yesterday’s close which was at support on $2.10, then the stock has made a lower low and the next stop down could be $1.80.


    On the daily chart there are exit signals a plenty. Huge bearish engulfing candle made the high on the upper channel boundary and price made a lower low at $2.51 where a short-term trader might have closed out. Current price action suggests price falling to around $1.86


    Charting always has alternatives and with SLR I can see an argument that yesterdays close at $2.10 could be a bottom and price will rise up again – for a time. A material pullback is due so any rise might be short-lived.


    If a long-term holder I would not be pushing the panic button. If a short-term trader I would not be in the trade and I would not be considering buying until the chart suggested it. I would be keeping my powder dry for a turn up post the channel bottom.

    Note that these comments are T/A only and F/A may see things differently.

    https://hotcopper.com.au/data/attachments/2417/2417287-5d1ece381e41e3f73bd3fc1a5004ca08.jpg

 
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Last
$1.24
Change
0.050(4.20%)
Mkt cap ! $1.159B
Open High Low Value Volume
$1.22 $1.24 $1.21 $5.432M 4.426M

Buyers (Bids)

No. Vol. Price($)
1 4028 $1.24
 

Sellers (Offers)

Price($) Vol. No.
$1.24 30853 2
View Market Depth
Last trade - 16.10pm 29/03/2024 (20 minute delay) ?
Last
$1.24
  Change
0.050 ( 3.36 %)
Open High Low Volume
$1.22 $1.24 $1.21 1124427
Last updated 15.59pm 29/03/2024 ?
SLR (ASX) Chart
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