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by Seth Parker on June 19th, 2018

Salus (SLS) Analysis – all major supports are broken

From the three coins mentioned today, the last one, has the best technical situation. It is still far from the perfect but at least, is not catastrophic. Sell signals here were triggered just recently and we are still relatively close to the resistances, which creates a possibility that they can be challenged in the nearest future.

In the past few months, Salus was inside of the symmetric triangle pattern. The price escaped from this pattern by breaking the lower line of this formation in the end of May. After that, the price broke two horizontal supports. First one on the 36.8 USD (blue) and the second one on the 26.2 USD (black). According to the price action laws, that created a sell signal.

Salus Chart

Yesterday, the price tried to come back above the 26.2 USD resistance. They almost made it but eventually failed. Broken support was tested as a resistance and the negative sentiment was confirmed. In addition to horizontal levels, we also do have a mid-term down trendline (orange), which strengtheners us a sell signal.

Negative approach stays here as long as we stay below the blue line. Breakout of the 36.8 USD will be a signal to buy but I would not count on it, at least for now.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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