SLI may retrace and touch where Kijun Sen line is

SLI went down by 3.1% to close at 0.95 per share last Friday. Notice also that the previous price high registered a higher RSI but the recent high registered a lower high. This means that SLI has a bearish divergence on RSI. Could this be a recipe for a retrace? If the bears will continue to win over the bulls this week then we might see SLI to retrace up to 0.90 per share. If it hits there, don’t buy right away. We should also check if we will have a bullish reversal pattern from our candlestick, if none, the it will continue to fall.

So far the 0.96 per share resistance is a thick wall for SLI.

RSI or Relative Strength Index is currently at 61

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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