AuthenticTrader
Long

SLW - Reversal with Good Technicals

NYSE:SLW   SILVER WHEATON CORP
53 0 2
Price walking down BB. BB tag, bullish divergence , and 33 day low confluence for key support level . Bullish candle closes above Hull 10 MA, which is now pointing up. Breakaway gap today confirms downtrend is over and market has reversed. SL will trigger with a close of a bearish candle anywhere in the gap. Short term target R1 giving the short term trader a risk reward of 1:4, and an 11% gain. Longer term targets from analysts are in the 35-45 range. Media outlets are reporting some large funds purchasing stakes in SLW             ( ex: Soros ) and 8/12 rate a strong buy, 3/12 moderate buy, 1/12 hold. Bullish seasonality for metals trades is also in play.
Comment: Take profit. on 1 hour chart a bearish Harami has formed along at the 61.8 level with Stochastic, down and cross of signal line. Volume decreasing too. Revisit this with a close above 29.18.
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