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Direxion Daily Financial Bear 3X Shares Message Board

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  • leathersword leathersword Feb 23, 2012 11:37 AM Flag

    Shorting Silver - ZSL

    The $36, $38, and $43 price points (more or less) are areas I would expect to see heavy resistance/likely corrections, enroute to retesting $50/ounce ... which I think could easily happen in the next couple months.

    I wouldn't buy ZSL "hoping" for a pullback. The only time I even think about buying it is after the blue line gets over the green line on the 4hr chart, and when it looks like it's about to do so on the 8hr chart. And the only way I'll hold ZSL overnight, for more than one night, is if silver is below the 18 day moving average.

    Right now is NOT the time to be long ZSL. The bollinger bands have become constricted, indicating a major move is about to be made, either to the upside or downside. The charts are pretty much screaming that it is going to be to the upside. You want to be SHORT ZSL right now, not long.

 
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