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.
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Last
$1.53 |
Change
0.010(0.66%) |
Mkt cap ! $1.430B |
Open | High | Low | Value | Volume |
$1.52 | $1.53 | $1.50 | $2.905M | 1.915M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 6536 | $1.53 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.53 | 12360 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 6536 | 1.525 |
2 | 15435 | 1.520 |
5 | 39532 | 1.515 |
6 | 77052 | 1.510 |
5 | 147126 | 1.505 |
Price($) | Vol. | No. |
---|---|---|
1.530 | 6536 | 1 |
1.535 | 44397 | 6 |
1.540 | 51854 | 8 |
1.545 | 46571 | 5 |
1.550 | 74799 | 8 |
Last trade - 16.10pm 14/05/2024 (20 minute delay) ? |
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Last
$1.53 |
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Change
0.010 ( 0.84 %) |
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Open | High | Low | Volume | ||
$1.52 | $1.53 | $1.50 | 721824 | ||
Last updated 15.59pm 14/05/2024 ? |
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