SLE

bank bank bank profit is the name of the game.... kudos

I've decided to close my longs from 6.5p and 6.95p today at 8.2p, a little short of my target at 8.7p.

My reason is that it appears to be firmly into a 5th wave up from the lows and I also have to take account of the spread and how quickly these penny shares can move. Basically, I see upside as very limited from here in the short term and would prefer to bank my profit and wait for a retrace.

I still think it'll get to 8.7p on the ask side, but the spread may be quite wide at that level as often happens at a key resistance on AIM stocks.



dl.dropboxusercontent.com/u/20815047/SLEdaily17_05_13.gif

chart looks good ... the initial inside bar low must hold.... if it can then looks to be consolidating before the next leg up imo....

This is now on it's 3rd inside day in what looks to be a little ascending triangle. The 6.99p level was only breached by 0.04p so we'll overlook that overlap I think! Still needs to close above 7.76p for higher prices and a stab at 8.7p:



dl.dropboxusercontent.com/u/20815047/SLEdaily15_05_13.gif

I think this really needed to stay above the mini wave 1 high of 6.99p to stay bullish and avoid a wave 4/1 crossover. Friday's candle was pretty bearish with a marubozu and the RSI closed back below its downtrend so that looks like a false breakout too.

dl.dropboxusercontent.com/u/20815047/SLEdaily13_05_13.gif

Syrian Empire wrote: Has SLE re-tested break out point? Is this still looking bullish?

This is testing the trend line currently.
Its bullish as long as the price dont finish below 6.5
also bear in mind its a penny share and there technicals aint as reliable as a liquid stock.