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North American Energy Partners Inc. Message Board

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  • Ugly! I'll leave commentary about why safe haven's like gold (or silver) are taking a beating during a time like this.

    I posted a few days ago I saw a low at $38.05. Over the last nine hours the only positive candle was the one that opened at $38.03 and closed at $38.07. So that forms my guide post.

    With that in mind, things have become very bearish for the metals with silver breaching that price target.

    My model says silver should bounce upward from $37.26 and it may get as high as $38.25. If it gets to that high sell it all, then step back and wait.

    The so far low of the morning is $36.87 and silver does hove downside risk to $36.60 but selling anywhere near these prices would be selling at a bottom in my opinion.

    The implications of this recent fall puts $30.32 to $28.31 squarely in the cross hairs.

    Preserve capital to fight another day.

    Good trading
    chemaes

 
NOA
1.80+0.02(+1.12%)Aug 4 4:00 PMEDT