Monday, August 15, 2011

Early Look at SLV/Silver

 SLV's recent trade over the last 2 days has been that of a bearish ascending wedge, suggesting some short term downside after a false upside breakout. There's also an area of resistance that's held several times right here.

You can see how 3C has backed off each time resistance was approached, well it's doing the same thing now. I'd think SLV will pullback to continue in the range for a bit longer.

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