Back on the 6th of May I suggested that SWI might soon be a buy, however the danger was that the stock would trade all the way to $4. Here is then and now;
Again,click on the charts to enlarge. So the stock , not so surprisingly , did drop to the 4th of prev. degree and actually broke the channel by a little. This is now a buy;
The stock looks good here. It has retraced 60% of it’s entire value (I use $10 as a top, that one trade at $11 occurred in the middle of the night with an order for a 10 lot from Papua New Guinea ). It dropped to the 4th of previous degree, just cut through the trend-line and the RSI has turned up. What it has not done yet is drop the measurement of the triangle which could possible take it to about $3.50; not likely at this point. From here $6.50 and then $8.20 are reasonable targets (in a bear case!)
By the way, if you happen to enjoy technical analysis,(I do not) you might recognize the above pattern as some sort of Head & Shoulder formation, which would call for an immediate rise to the shoulder line.