SLM

Tuesday 21-May-2024.This is a high risk idea thus smaller positions will apply. The share has developed a 'V-shaped' reversal, with aggressive buying in recent weeks, however, the current rating reflects excessively overbought conditions into overhead resistance. Failure to hold the prior session highs would be indicative of a early price weakness and could lead to the start of a topping structure followed by a bearish reversal. As always, traders could consider the following if/when the prices approaches the target: bank/take profit, partially scale out, adjust the stop-loss to protect profits. Time Stop: Wednesday, 28 August 2024.

Entry: 7428
Target: 7015
Stop-loss: 7625