Tuesday, Jun 6, 2017
 
 

Silgan Holdings Inc. (NASDAQ: SLGN)

 

Silgan Holdings Inc., together with its subsidiaries, manufactures and sells rigid packaging for shelf-stable food and other consumer goods products worldwide. It operates through three segments: Metal Containers, Closures, and Plastic Containers.

Take a look at the 1-year chart of Silgan (NASDAQ: SLGN) below with added notations:

1-year chart of Silgan (NASDAQ: SLGN)

SLGN has been trending overall higher since the fall of 2016. However, the stock has recently stalled, as SLGN has hit the same resistance at $32.50 (red) on more than one occasion. The stock is sitting just under that level now. A solid close above the $32.50 should lead to another leg higher for SLGN.

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The Tale of the Tape: SLGN has a 52-week resistance at $32.50. The possible long position on the stock would be on a breakout above that level with a stop placed under it.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!

Good luck!

Christian Tharp, CMT

Follow me on Twitter: @cmtstockcoach

 
 

Christian Tharp, CMT

Want to know which trades to make, how to manage your stops and when to exit your trades? As a CMT with over a decade worth of experience in trading & mentoring traders, I'd like to offer you the opportunity to let me help you overcome all of your obstacles.

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