Description
⋅ SLN has appreciated 70% in the past month largly on the strength of an
earnings beat. Unlike many small cap biotechnology companies, SLN is
actually making money and beating analyst's estimates. On the 3O minute
chart, price is just below the POC line of the near term volume profile and
sitting on the dynamic support of a VWAP line. Strength lines are above 50
and the low time frame green line is above its counterpart. Ovreall, I see
SLN rising more after a little more consolidation. I will enter a long trade
with a buy stop at 9.18 to catch a trade when price crosses over the POC line,
I will set the stop loss at 9.14 below that line and target both 20% and
30% ROI in equal halves of the position.