Nov. 14 at 5:16 AM
$SLNO: The last close at
$47.35 indicates a significant decline from the 60D high of
$72.99, positioning the stock closer to its 60D low of
$41.8. The RSI at 29.71 suggests the stock is oversold, indicating potential for a rebound. However, the moving averages (MA30 at 60.95 and MA50 at 60.67) are both above the current price, signaling a bearish trend in the short to medium term.
Directional bias is cautiously bullish due to the oversold RSI, but the prevailing trend remains bearish as indicated by the moving averages.
Suggested entry:
$48.50, above the last close, to confirm upward momentum.
Stop loss:
$46.00, to limit potential losses below recent support levels.
Targets:
$52.00 (first target, a resistance level) and
$55.00 (second target, near the MA50).
Monitor market conditions closely for volatility, given the ATR of 4.94.
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