SLW Putting in a Double-Bottom Corrective Low? - After plunging to new multi-year lows at 21.69, Silver Wheaton Corp. (SLW) has pivoted to the upside with power, and has climbed above 23.99 for an intraday-upside reversal of 6% so far.
More significantly, however, is the prospect of a major-key reversal if SLW can climb and close above yesterday’s high at 23.13, which will represent a warning signal to the bears that the decline in SLW from last Nov high at 41.30 is over.
If such a key upside-reversal signal is registered today, we will also have to consider that all of the action between April-May 2013 is a base-like pattern ahead of a period of intense recovery strength.
Initial resistance resides around the March-May down trendline in the vicinity of 24.