The chart speaks for itself. Just bounced on a support support near all time lows, while the business itself is still performing stellar.
Indicators looking good; small bounce from this point looks good, etc.
Some beautiful trades possible from this point.
Also! Definitely check out my two posts on the DAX index here below.
Finally worked off that last quarter's earnings abortion. Whole oil complex of stocks gonna play catch up to oil in the mid-high 60s even if crude just grinds there a little while. 70 seems more like psychological resistance than anything, it'll break in time.
Sloppily trying to hold last year's lows. Like much of the oil complex, massive under-performer relative to WTI crude. Needs back over 28 to get going again.
Simple trade Idea.
SLCA has been on the upward trend and has broken above its 200day MA on the weekly chart.
They have also been reported to ramp up production in 2018.
Play this from the long side with a projection to the 47 area.
of course another week of strong performance would validate trend. I could see a pull back to the 200 day MA happening. if that...
SLCA is running in a long upward channel. However it seems getting weak & it has strong moneyflow divergence.
Trade Criteria
Entry Target Criteria- Speculative entry at current price or Break of $49.93
Exit Target Criteria- $31
Stop Loss Criteria- N/A
You can check detailed analysis on SLCA in the trading room/ Executive summary link...
Though the fall from 73,45 has been corrected more than Fibonacci would allow the chart still looks very promising. Or even better: Because of there has been no stop after the Fibonacci retracements have been reached we may expect the rise to be continued.
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NYSE:SLCA
