SLM - Covering Short Idea
SLM - last week Tuesday I published this short/sell for clients, based on:
1. A 'near overbought' rating
2. Test of 61.8% FIB.
From ~6800c, we are seeing a print of 6400c (down by 5.8%). Not a high conviction level to go long but we could see it rebound moderately as it back-tests the trend line breakout and nears the incline support.
Now 6394c, this may be a level to cover the short/sell.
1. A 'near overbought' rating
2. Test of 61.8% FIB.
From ~6800c, we are seeing a print of 6400c (down by 5.8%). Not a high conviction level to go long but we could see it rebound moderately as it back-tests the trend line breakout and nears the incline support.
Now 6394c, this may be a level to cover the short/sell.
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