For some time now, people have been talking of the massive possible cup and handle formation that seems to be formed for SLR.
Now today, we see that: - The CCI broke the -100 barrier on the daily. - The MACD shows a golden cross on the daily. - The cup seems to have reached his bottom.
What will happen next? I would like to say that we will follow the cup and handle and SLR will moon.
Note that this is a fairly speculative and early conclusion and that no confirmation can be made for at least a couple of days.
What we will have to be attentive to is how volume evolves during the second part of the cup forming: volume was rather limited in the downward curve which is theoretically correct. If we want to do this by the book, volume should start to take up as of the curve back upward! So if we see that happening, we can be more assured about a potential C&H pattern! :)