SCL is an interesting long trade. This is a former high flyer that used to be on the 52 week high list day after day. This one was fallen off a cliff in recent weeks. This one looks like it is ready for a technical bounce.
On the 5 year chart, the fib lines highlight the horizontal support at around $45.35. The low today was $45.90. The stock is also trading right at its 300 DMA. So we have a confluence of support at this price level. RSI is extremely oversold at 14 and this greatly outside the prior low for RSI for this security.
The intraday is showing sideways action in the stock after the big drop this morning. I think a stop out of $45.90 can be used. This would be a bet that the low in the immediate term has been printed. It is also a bet that the stock has bounced off of double support and that we don’t get a gap down tomorrow.
Disclosure: I’m not in yet but figured I would share the setup. It might be worth looking at how this one opens tomorrow even if it means missing the opportunity.