Wednesday, December 12, 2012

12/12 - SLW hits first level of resistance; SOLD all long speculative positions in paperTrading account.

Silver Wheaton hit the first major resistance level in today's afternoon trading.

As you can see from previous posts below, I had inserted a horizontal resistance line at $38.33 to notate this first level of resistance (which also happens to be the 50-day MA on the daily chart, namely $38.21).

I still expect SLW to attack the RED resistance trendline in the coming days, but to fail and then eventually fall to a Wave (II) low near $32.

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