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Silver Wheaton Corp. Message Board

  • jafa2001 jafa2001 Dec 1, 2010 3:17 PM Flag

    resistance at 37.26?

    Where is that dude now? I wanted to ask him how he could call a resistance at that price when at that time it had reached that level for a real short period of time. Nobody knows where the resistance is. If they state a price, it is just their opinion. A resistance level is when a stock tries to break a certain level several times and fails over a period of time. At this point in time, I don't believe there is a resistance level.


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    • Now with that said, charting SLW is far more complicated. If the price of silver was same, all the time, charting it would be easy. But we might as well (and we do) chart silver also. But, relative to the increase in silver today, when SLW dropped, the prior number of $37.26 was a good bet to buy at.
      But yes, if silver drops, this streamer will fall a bit. As silver rises, the chart is "blue sky".

    • $37.26 was the prior intra day 52 week high. He responded to one of my posts where I was kidding about the 52 week high, as it kept going up. He said it was too early to celebrate until we break $37.26 which could act as resistance.
      Today, when we broke it early and then retraced, my charts told me we were going to bounce off $37.20 and I added to my position. We did, and no $37.20 is support, not resistance.
      Just my 10 cents for what it's worth.

    • My model shows 43.67 +/- .46 cents. Unless of course Silver trades over $30, in that case we'd have a runaway train.

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