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Silver Wheaton Corp. Message Board

  • kbononi kbononi Nov 9, 2012 11:20 AM Flag

    SLW ascending triangle a break out over 41 clear BUY signal!

    Silver Wheaton is a $14 billion silver mining stock that’s been following the same script we’ve been seeing in the silver metal and the silver mining ETFs: it rallied in the middle of June, topped out at the end of September, and it’s been correcting ever since. But in Silver Wheaton’s case, it hasn’t just been correcting sideways – it’s actually been making higher lows for the past couple of months.
    In technical parlance, SLW is making a price pattern called an ascending triangle. Essentially, as shares bounce in between that horizontal resistance level up at $41 and the uptrending support level that connects those lows, it’s getting squeezed closer and closer to a breakout above that $41 price level where selling pressure has been concentrated in the past.
    A breakout above $41 is a solid buy signal for Silver Wheaton…
    And the relative strength line (at the bottom of the chart above) shows just how much better this miner has been performing than the metal itself. The line compares moves in SLW with moves in the silver metal ETF. As you can see, it’s been in an uptrend for a while now – that means that any dollar gained in the ETF is translating into increasingly bigger gains in Wheaton.
    Remember, though, silver stocks tend to be volatile – if you decide SLW is worth buying above $41, make sure you’ve got a stop loss in place…

    Silver Wheaton is a $14 billion silver mining stock that’s been following the same script we’ve been seeing in the silver metal and the silver mining ETFs: it rallied in the middle of June, topped out at the end of September, and it’s been correcting ever since. But in Silver Wheaton’s case, it hasn’t just been correcting sideways – it’s actually been making higher lows for the past couple of months.
    In technical parlance, SLW is making a price pattern called an ascending triangle. Essentially, as shares bounce in between that horizontal resistance level up at $41 and the uptrending support level that connects those lows, it’s getting squeezed closer and closer to a breakout above that $41 price level where selling pressure has been concentrated in the past.
    A breakout above $41 is a solid buy signal for Silver Wheaton…
    And the relative strength line (at the bottom of the chart above) shows just how much better this miner has been performing than the metal itself. The line compares moves in SLW with moves in the silver metal ETF. As you can see, it’s been in an uptrend for a while now – that means that any dollar gained in the ETF is translating into increasingly bigger gains in Wheaton.
    Remember, though, silver stocks tend to be volatile – if you decide SLW is worth buying above $41, make sure you’ve got a stop loss in place

    Sentiment: Strong Buy

 
SLW
25.99-0.44(-1.66%)1:56 PMEDT

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