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Silver Wheaton Corp. Message Board

  • couplover couplover Mar 8, 2006 7:23 PM Flag

    BTW $7.30 4 Weeks ago

    Four weeks ago the price of SLW closed at $7.30 so when we put that into perspective it appears SLW is doing just fine. Lets not get too far ahead of ourselves here. We are up almost 20% from there even after the correction. If we go back 8 weeks we were at $6. A 40% jump from there to here. A little backing and filling is normal and welcomed action. The sky is not falling and all is well unless we break below the 50DMA at $6.94. I do not see that happening since it has never happened since SLW had a 50 DMA. We may get close though since SLW is always above 50 DMA but within 10 %- 15 % of it. Right now SLW is more than 25% above its 50DMA. Kind of overstretched although it has been higher. SLW went as much as 35%+ above 50 DMA at times. However it always comes down to support.

    The really good news I see here is two fold. SLW has on several occasions broken through resistance before correcting and has almost never broken support and certainly never broke support by any significant % unlike the large % moves to the upside. That is very bullish action. The second thing I like ( and this is evil) is all those shorts we had here a couple of weeks ago and last week had the right move but the wrong timing. So they got hammered. Had they waited and started shorting last friday , when most of them gave up, they would have been in the money. Of course I am sure some of them will show up here soon to tell tales of their masterful timing and how they went short at $9.60 and sold at $8. LOL

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SLW
25.32-0.48(-1.86%)Aug 19 4:04 PMEDT

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