Shortterm Long - Sellers Out of Steam for the Moment

$SIG has recently gapped down and is currently oversold. Sellers appear to be running out of steam as the RSI starts to head up while the price continues diverging down.

Historically this stock has been good for a short bounce after oversold conditions, the divergence adds more credibility to a short term bounce/trend reversal.

The gap down followed immediately after poor sales numbers were released. Where this stock stands long term from a fundamental perspective I have no idea, looking only at a short term overreaction on bad news.

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DISCLAIMER - this is not investment advice, trade according to your own risk.

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UPDATE - seems to be consolidating nicely, no bounce yet as hoped but as the dividend was just recorded can't complain too much

still waiting for a short term trend reversal before exiting, basing price target on RSI returning to a more normal level

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