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Monday, April 21, 2014

Oh, so silver looks good, eh?


IKN - me think silver look good. He thinks the chart looks buyable. Well, let's see:


Oh geez. Below $18.50, SLV loses multi-year support. And volume is dwindling, so there's no interest even at this price.



Oh geez. If you're only looking at the weekly closes, it's already about to lose multi-year support. And dwindling volume explains the lower highs. And it even failed to retake its 50-week SMA.

Last time it failed support in this sort of low-volume, lower-highs environment? April 2013. Look at it. That's the potential downside. 30% or so. What's the potential upside for this trade?

Dude, let that knife stop falling before you pick it up.


3 comments:

  1. I knew you wouldn't be able to resist.

    bwahahahahahahahaha
    BWAHAHAHAHAHAHAHAHA
    (they then repeat with exclamations)

    ReplyDelete
    Replies
    1. Otto: They laughed at the financial analyst academy!

      Me: That's okay, as long as they weren't pointing.

      Delete
    2. Indeed. It's rude to point.

      Delete