SLR has been showing some strong moves...watch for a breakout or a breakdown..IMHO the former is more likely in view of the strong showing
PS - That is a 4 hour chart
ASX: SLR $1.530 -1.32%
22nd January 2020
Current Analytics on the 'broader scope' Daily and Weekly Periods
_Trending within distinct channels
_The retrace/s correlates really well with the base of the existing uptrend
_The retrace/s also bottomed at fibanocci levels
_Currently swinging on the top channel of trend upward
+ Fundamentally and technically very...
SLR reaching 61% fibonacci level which is usually
the hardest to break.
If it can break $160, average up as it will move
higher. else it will fall back to $1.
Potential weekly bearish pin-bar formation. If next week's closing price is below this week's low of 1.155, then it is very likely that price will hit the 1.075 mark (0.382 fib retracement). Otherwise, if SLR closes above this week's high of 1.300, then further upside is expected.
Silver Lake Resources is currently trading at $0.65 per share, which is at double top formation in May 2018. The 0.618 Fibonacci support level around 0.455 seemed to be a very strong support; the stock is currently rising for more than 12 weeks(medium term up trend confirmed) since trading around the level for the second time November.
*The stock price broke...
After the price topped off at .65c, it retraced down to the .618 fib and is supported by the 200 day MA. Just below it in the .45c zone is a major historical support zone. An upward move in the gold price will provide an impetus for a break of the trend line and for the price to move. I think in this chaotic world, the gold price is just waiting for an opportunity...
SLR - weekly chart shows 1) RSI breakout ... 2) trendline break
month chart shows BULLISH.. engulfing candlestick pattern ((reversal)
but month price candles are still below EMA line But at this moment some support buying has come in
to stop the price from falling.. it may have found a bottom... now lets see if the momentum can shift towards buyers... to attract...
