Just look at the charts!
For the past several years SLW PPS have traded between $20.00 PPS and $27.00 PPS
When it reaches the low it reverses and trades higher to the top of the range.
The same holds true when the stock hits the high of the range and then drops to the bottom of the range.
SLW has now hit the top (just over $27.00 PPS) and will now continue down to the bottom of the range (around $20.00 PPS).
This is fact folks!!!
Even with all the turmoil in the world, especially the trouble with Russia, the stock price could not breach the high end of it's range.
If it cannot even break the top end of the range with everything pointing towards the stock going higher because of the Russian problem, without question SLW is definitely in a downturn!!!
Sentiment: Strong Sell
OK, I gave you a thumbs up, even though it has not been years in the channel, we did turn down, good call. since you claim the channel base at $20, are you expecting the PPS to challenge $20 on this down leg?
There, a thumbs up on a good call of the retrace. Do you expect the retrace to move below 24.74 ? If so, where and why, we love the details, even if they are wrong, we all are wrong often enough that is doesn't matter if one gives a valid reason for the expected price or time frame. Each of us has to decide what is the right decision for our own trading anyway.
Maybe for a year, as the stock was over $40 PPS in October 2013 and did not go below $30 until late first quarter 2014. I would characterize this recent 15 months as base building within the channel and when it breaks out of the channel, chances are much greater the move will be up rather than down given the turmoil you mention and mismanagement of our government and federal reserve.
Linear regression line supports the current price. I use a slow a stochastics indicator and it 's telling me we are going higher. It's anybody's guess where we are going today. Not sure how you get a strong sell but we'll see what happens.