SLV – chart analysis

In the beginning of January I wrote this
The gap was followed by a rally, so there is a quite good consistent behavior in the SLV stock.
Now we are back to that beginning of january level, with following possible scenario’s.

  • We could face a bearish trend, with a beginning formation of lower highs and lower lows. A drop to 15.5 would make that a reasonable scenario.
  • We have a rebound of 16.5 and then the possibility to kill the bearish scenario if going through the 19 resistance level. An interesting blog entry on silver vs gold speaks in favor of Silver.

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