18-Jan-2024 - Keeping it Simple with Price Action & Technical Analysis
An interesting opportunity seems to be brewing up in SuperLoop.. Lets check what I can analyze from the Weekly Chart.. My analysis can have mistakes, so please DYOR.
1. Stock had been in a downward spiral since Oct'22. 2. There was a huge Volume in end-2022 close to its newfound bottom, and then again in April'23. 3. Clearly since then, stock has been in an uptrend and RSI shows a growing strength, which indicates good accumulation happening. 5. Stock has crossed the threshold of RSI-50, and continues to go up in strength. 6. The triangle pocket created now between the rising support trendline and the immediate resistance line above that, will be interesting to see if the strength is good enough to breach that.
Stock held, and keeping an open eye.
SLC Price at posting:
70.5¢ Sentiment: Buy Disclosure: Held
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