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Homyk Registered Apr 2011 |
This is a technical analysis of silver for June 2011 using the SLV ETF.
Long time frame 
From the long time frame we see that silver has moved in an exceptionally steep channel for nearly a year. It even overextended this channel but eventually reversed steeply. The reversal would have been powerful enough to break any channel, but the inner line actually held and price seems to be climbing steadily again. Silver is moving in uncharted territory and don`t have a lot of resistance except for the fish in the recent spike. Medium time frame 
From the medium time frame we get a better view of the spike and price hitting the inner channel several times. Price is now moving in a narrow channel directed in a bearish trend, but my bet is that this channel will be beat by the wider channel moving in a bullish trend. This is a great time to buy into silver if you believe silver will move in a bullish trend in the medium time frame. |
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