An interesting company SOL with interesting technical which may be worth reading about. It had been range bound for almost a year. The boundaries of this large trading range is between $15 -$18 (approx.)and SOL is currently testing the support. Whether or not this support holds remains to be seen. It had registered a higher high yesterday but no bullish pivot point reversal yet. I had an intra day long entry on the lower time frame, which I took. As long as the low made on 09/11 @ $15.00 holds (on end of day closing basis), I will hold my long position. In terms of potential upside price objectives $16.00 and thereafter $16.50 may be met. Risk/Reward may not be the best, but this is a short term trading point of view which may only last days to few weeks.
Weekly chart of SOL below showing our position in the big picture below. Should the week close on it’s high, that would give a weekly closing price reversal as well as a potential daily bullish pivot point.
Disclosure : SOL held.
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