The following report was published for our subscribers May 6, 2011.
Silver has given up 40% of the 30-month rally in just five trading days. We should look for a recovery of 38% to 40% of the $16 decline. This targets $39 to $40 as resistance.
The HUI is straddling the 21-week moving average and also eligible for a bounce, however the best support is at 470.
Link below to the May 6, 2011 Howe Street Audio Interview with BOB HOYE: Silver Bull Takes Profits - Eric Sprott sells silver, buys shares:
http://talkdigitalnetwork.com/2011/05/silver-bull-takes-profits/
Technical observations of RossClark@shaw.ca
