nmike

SLV CHANNELING, Cautiously Bullish

BATS:SLV   ISHARES SILVER TRUST
1281 12 9
SLV             is in a currently in a downtrend and below the 20MA but still within the long term channel 1 uptrend. If the short term trend continues, look for SLV             to hit the bottom of channel 1. If SLV             breaks channel 1 that would be bad news for the bulls
>>>> this is NOT good news for bulls, add another CLONE below
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.....double channel channel HIT, could see more downside if silver doesn't hold this level, and then we have to add more CLONES :)
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update.....big down move this week, most likely Silver will hit the bottom of one of the 2 channels near term.
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update.....bears still in control....
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update... SLV remains BEARISH
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ALERT....SLV>>>> at CRITICAL SUPPORT LEVEL....
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....current intermiedate trend continues to be BEARISH
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Everyone on CNBC/Bloomberg after the close were extremely bearish on Gold and Silver. ...All calling for new 2 year lows already. Might end up being a crowded short trade and hold the reference channel you presented. If so, time to leverage up because both and including some miners would be great squeeze plays.
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Mike is it time to buy or sell silver?
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