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.
SLR Chart, page-746
-
- There are more pages in this discussion • 788 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add SLR (ASX) to my watchlist
(20min delay)
|
|||||
Last
$1.44 |
Change
0.025(1.77%) |
Mkt cap ! $1.346B |
Open | High | Low | Value | Volume |
$1.44 | $1.46 | $1.42 | $7.359M | 5.120M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 125409 | $1.44 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.45 | 7283 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
3 | 125409 | 1.440 |
6 | 61827 | 1.435 |
6 | 80817 | 1.430 |
4 | 72053 | 1.425 |
7 | 99894 | 1.420 |
Price($) | Vol. | No. |
---|---|---|
1.450 | 7283 | 1 |
1.455 | 17652 | 3 |
1.460 | 31761 | 4 |
1.465 | 61955 | 3 |
1.470 | 113142 | 5 |
Last trade - 16.10pm 26/04/2024 (20 minute delay) ? |
|
|||||
Last
$1.45 |
  |
Change
0.025 ( 1.88 %) |
|||
Open | High | Low | Volume | ||
$1.43 | $1.46 | $1.42 | 905472 | ||
Last updated 15.59pm 26/04/2024 ? |
Featured News
SLR (ASX) Chart |