Thursday, May 28, 2009

A look at Silver

This is a Weekly chart of SLV, the Silver ETF:


Bumping off of two major trend lines, SLV is up against major resistance. The significance here is that if SLV were to break out up above both trend lines, it's likely the beginning of a major advance.


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3 comments:

Anonymous said...

Allan,
I'm comparing breaking out of SLV chart to that of Solar (SOLF)
Would we consider the latter as has already broke out major resistance?
Serge

Allan said...

Serge: Like UNG, SOLF is popping nicely, but still within context of a major down trend, so only for nimble traders.

Anonymous said...

Left upside down and inside out reading Prechter's 40 page link below. Perhaps - Gold: "Buy of a Lifetime" "(?)". So did he say to buy metals on the illusion of economic expansion and to dump once confirmation is on the wind of a looming depression? I'm sure I must have that confused. Shed the light Allan, please?