too many upgrades, that is always the kiss of death, hence the small fall with Silver up. The last three day trend is not favorable, the big hedgies are selling... inside info? Not sure what to make of it. GL
Untill Oil will cotinue rise and Silver, SLW will follow, if any little correction will come why not good for charts, but some major correction I thing will happen when Silver strike $40.00, we can still rise in overbought charts another 5-8 dollars, the weekly R3 is $50.90, I thing thats whats gonna happen this week rise to $50.00 and then over weekend will get good new from Lybia and Silver will do small correction.
The way I see it, the spot price of silver controls the price of SLW far more than any other factor. Other factors may drag down SLW and keep it from making the gains it otherwise would have (as we have seen recently), but if silver goes up then so do all the ships floating on it.
I actually expected silver to be down today. It looks like the support at 36 was tested pretty good last night and now it's struggling to move past it. That big rebound from 35.5 all the way up to 36.5 this morning was a good sign. As long as the support stays around 36 I'm not selling anything.