SolGold has been in a bearish path since April 2022, but RSI suggests the stock is oversold. A bounce higher for the bulls may be due.

SolGold shares have been rallying for some time now, the stock has been in a steep downtrend since April 2022 and currently trading at £16.02. From a technical aspect, first support level sits at £13.15 followed by a major support level of £9.96. A slip below the major support could lead to further downtrend towards the very lows of 2015/16, where the share price ranged between £1-£2. On the upside, first resistance level rests at £19.49 with further resistance reading at £24.67. A break above the £24.67 may create momentum in the long-term, and see the stock thrive in an uptrend. Looking at the indicators, MACD is negative suggesting a bearish outlook, however RSI reads 30, suggesting the stock is oversold and a bounce higher might be imminent.