So very brief analysis of SHLF, as it is definitively giving signs of life.
We have just arrived at major resistance that previously acted as support for a long time. So expecting a retrace from here, before even looking for a buying opportunity.
Furthermore a gap was left behind at 2.48 yesterday that will likely get filled. And we are inside the daily cloud --> consolidation.
I see 3 possible scenarios:
GREEN, Very bullish:
We break resistance and out of the cloud, we retest and continue up. Buy on the retest.
ORANGE, "normal":
We fill the gap, retest the bottom of the D cloud and find support in the cloud and on the 0.5 or 0.618 fib.
RED, "bottom formation":
We go back down looking for a bottom, possibly forming a double bottom or another bottom formation.
In conclusion; wait to see where SHLF starts to find support, or if it breaks up, look for the retest and buy.
We have just arrived at major resistance that previously acted as support for a long time. So expecting a retrace from here, before even looking for a buying opportunity.
Furthermore a gap was left behind at 2.48 yesterday that will likely get filled. And we are inside the daily cloud --> consolidation.
I see 3 possible scenarios:
GREEN, Very bullish:
We break resistance and out of the cloud, we retest and continue up. Buy on the retest.
ORANGE, "normal":
We fill the gap, retest the bottom of the D cloud and find support in the cloud and on the 0.5 or 0.618 fib.
RED, "bottom formation":
We go back down looking for a bottom, possibly forming a double bottom or another bottom formation.
In conclusion; wait to see where SHLF starts to find support, or if it breaks up, look for the retest and buy.
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