Wednesday, May 15, 2013

Silver! (SLV) Ohh boy... danger!

Welcome guys!

Silver took another hit in the chin with a barbarian spike club! The metal is sitting at support, and a close below $21.50 will be devastating as no known support exists. I would not go long here even though it is a double bottom because the commodity is clearly in a bearish phase (go figure!). However, if you decide to go long, a close above $24.00 would be beneficial to your cause because the chart will give a double top (assuming the decline has stopped).

Good luck and happy hunting!

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