Strong resistance at 0.96

SLI went up today by 4.4% to close at 0.94 per share. It wasn’t able to sustain its rally when it hit 0.96 per share but still SLI looks bullish. Notice how the RSI line bounced and is currently pointing upwards after it hit the support slope.

The 0.96 per share is a strong resistance for SLI as you notice on its weekly chart we have the flat Kumo resistance the price to go up for 3 weeks now. If the bulls will be able to break this line then we will see SLI to hit 1.06 but a bearish mood will bring SLI down to 0.90 – 0.87 area.

RSI or Relative Strength Index is currently at 65

Caveat!

The following two tabs change content below.

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.

Leave a Reply

}