Tuesday, October 25, 2011

SLV/Silver Update

 In just about every SLV update over the last several weeks I've mentioned this base and accumulation near the bottom of the base.

 Here's today's action, roughly in line, but a slight negative which is understandable as a consolidation or some short term profit taking after such  strong move.

 The 5 min chart shows the continued accumulation during the base described above.

 The 15 min chart shows distribution sending SLV lower and the accumulation during the base, which is substantial. It's leading positive right now.

Even the 30 min hart shows strong accumulation during the base.

I would dare to say that SLV has a lot of upside potential, hopefully it will do it in a way that is not too volatile so the COMEX doesn't force a margin hike on the PMs.

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