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Silver Wheaton Corp. Message Board

  • mpaulenoff mpaulenoff May 16, 2013 2:14 PM Flag

    Mike’s MPTrader Mid-Day Minute

    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.

19.67+0.69(+3.64%)10:07 AMEDT