SLW was first posted as a bearish set-up about 26% ago on april 5th (first weekly chart below). as the updated weekly chart shows, the stock since lost that key weekly support line and is trading smack in the middle of that thin zone, that will most likely be filled. however, i just noticed a possible downtrend channel forming on the daily chart which prices closed on the bottom of today. therefore, SLW could bounce here and slowly work it’s way down that daily channel towards the weekly target over time. for those in the trade, i’m sorry that i didn’t not notice this earlier although i will say that until we see a reaction off the bottom of that channel (current levels), it is only a potential channel formation. prices could very well just keep falling tomorrow and throughout the week.
