This SLV Chart Shows A Extreme Sell Down

Time to review an ETF that looked like a starter for 10, so far it is acting well.

Previous Post: This chart shows a extreme sell down, time to watch this security daily 

Silver like gold is a currency. Has been for 2,000 years. Silver and gold have attracted attention as paper currencies are jumping up and down scaring the folk, add to this the great crude oil sell off has mostly likely completed the largest part of its fall (not saying it has bottom, just saying the fast and hard part is over). Maybe the folks are waking up to the Central Bank Play book and are seeking a hedge. (Disclosure, yip we are!)

The char below shows price has reacted to the extreme outer channel, a little short covering, sure. Now we see if the short covering rolls into more serious bullish position taking. 

So far SLV is acting well against channel support.

SLV

The SLV very long term chart…

SLV  long

The less manipulated and more true stock market the Russell 2000 index is hard up against the blue solid channel upper line, the longer it takes to FAIL to break out higher the more likely it will break lower to test the bull trend story. Yet, we suspect stocks with test higher prices soon.

RUL

NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net 

Investing Quote…

..“The only way you get a real education in the market is to invest cash, track your trade, and study your mistakes…. The examination of a losing trade is tortuous but necessary to ensure that it will not happen again.”..

Jesse Livermore

..”Money couldn’t buy friends, but you got a better class of enemy”..

Spike Milligan

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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