If we see a break out above the channel, there is a key resistance level of $0.1765 which aligns with the 50% fib retracement & top of the cloud. Until this is overcome, accumulation continues.
Testing the bottom of the channel again on the 4hr with declining volume. Probable it holds and stays within channel, bullish div – pink lines. If it breaks, looking to add more at the 6.18, .5.0 & 3.82.
Long term bullish and accumulating on dips.
RSI downtrend broken and we have popped above the upper trendline of the channel. Volume has also increased during this move.
The Kijun (red) line is flat and PA remains below the cloud, I'm wanting to see 1: The Tenkan (blue line) cross the Kijun (red line) and 2: An increase in volume to enable price to push through resistance levels above. Failing this, PA...
SKL has bounced inside this descending channel for 6 weeks. Need to see a significant uplift in volume and/or a break in the RSI trendline to convincingly break out of the upper trendline. Even then, plenty of heavy resistance waiting above the channel.
Cheap entry price opportunities or a chance to DCA/ bring avg purchase prices down for those already...
My time horizon is 5 years minimum but may TP (10%) at around $1.60. For those looking to TP on the way up, some possible TP targets in grey next to price axis/NFA.
$skl has been in an accumulation period for months and is likely to break out within the next 4 weeks as the wider market completes its correction.
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