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This Chart Shows an Extreme Sell Down, Time to Watch This Security Daily - Update

Mark Twain

Time to review an ETF that looked like a starter for 10, so far it is acting well.

Previous Post: This chart shows an extreme sell down, time to watch this security daily

Silver like gold is a currency. Has been for 2,000 years. Silver and gold have attracted attention as paper currencies are jumping up and down scaring the folk, add to this the great crude oil sell off has mostly likely completed the largest part of its fall (not saying it has bottomed, just saying the fast and hard part is over). Maybe the folks are waking up to the Central Bank Play book and are seeking a hedge. (Disclosure, yip we are!)

The chart below shows price has reacted to the extreme outer channel, a little short covering, sure. Now we see if the short covering rolls into more serious bullish position taking.

So far SLV is acting well against channel support.

Silver Chart 1
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The SLV very long term chart...

Silver Chart 2
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The less manipulated and more true stock market the Russell 2000 index is hard up against the blue solid channel upper line, the longer it takes to FAIL to break out higher the more likely it will break lower to test the bull trend story. Yet, we suspect stocks with test higher prices soon.

RUL Chart
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NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net

Investing Quote...

"Anyone who buys or sells a stock, a bond or a commodity for profit is speculating if he employs intelligent foresight. If he does not, he is gambling." ~ Richard D Wyckoff

"The stock market is filled with individuals who know the price of everything, but the value of nothing." ~ Philip Fisher

 

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