Potential Long Trade on SLXP

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Before we begin, we need to understand the macro trend of the market. Taking a close look at where NASDAQ and S&P 500             is heading to, we need to exercise a bit of caution as both indexes have broken down their 50 days moving averages.

SLXP has been on a uptrend since May 2014 and is well supported at price level $130 after the gap up on 1 Jul 2014. It is also well above the 50 days moving average. Recent price action shows consolidation and suggests an possible breakout to a new high if market permit.

Hopefully SLXP can move up from here despite the weakness in the market as we take a bullish view on SLXP.
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