SLV - Safe to re-enter the fray
Updated
SLV weekly chart showing a prominent double bottom with the Sept low and Dec retest holding nicely. With the long term trend line lending support, it appears safe to renter the slippery silver paper waters once again.
SLV will likely try to play catch-up to COPX (also shown) which has gained +20% since Dec 20th. I doubt SLV will post those high % gains but a 10% pop seems highly doable by months end or early Feb.
Weekly RSI and Stoch are trending upwards with plenty room to run from here. In the shorter time frames (4 hour chart - not shown) the RSI and Stoch appear over-bought on SLV and with 4 up days in row including a gap up today - will look for an entry price on a modest pull back/gap fill into Friday of this week.
Max pain sitting at $21 this Friday
maximum-pain.com/options/SLV
Not financial advice.
SLV will likely try to play catch-up to COPX (also shown) which has gained +20% since Dec 20th. I doubt SLV will post those high % gains but a 10% pop seems highly doable by months end or early Feb.
Weekly RSI and Stoch are trending upwards with plenty room to run from here. In the shorter time frames (4 hour chart - not shown) the RSI and Stoch appear over-bought on SLV and with 4 up days in row including a gap up today - will look for an entry price on a modest pull back/gap fill into Friday of this week.
Max pain sitting at $21 this Friday
maximum-pain.com/options/SLV
Not financial advice.
Note
Added - Long Feb 11 calls @ $21.50 strike 0.38 debtNote
Closed Feb 11 calls for nice profit on the 19th, Today added March 31st $23.50 calls for 0.47 debt. Thought: FED basically follows Canada and remains dovish!
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