Long
SLW - Reversal with Good Technicals
Price walking down BB. BB tag, bullish divergence, and 33 day low confluence for key support level. Bullish candle closes above Hull 10 MA, which is now pointing up. Breakaway gap today confirms downtrend is over and market has reversed. SL will trigger with a close of a bearish candle anywhere in the gap. Short term target R1 giving the short term trader a risk reward of 1:4, and an 11% gain. Longer term targets from analysts are in the 35-45 range. Media outlets are reporting some large funds purchasing stakes in SLW ( ex: Soros ) and 8/12 rate a strong buy, 3/12 moderate buy, 1/12 hold. Bullish seasonality for metals trades is also in play.
Note
Take profit. on 1 hour chart a bearish Harami has formed along at the 61.8 level with Stochastic, down and cross of signal line. Volume decreasing too. Revisit this with a close above 29.18.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.