Friday, July 20, 2012

SLV

Lots of questions on the PMs today, SLV looks similar to GLD, short term negative, but the longer term trend charts are building a nice positive divergence or base. I'd be looking for a pullback with positive divergences developing in to the pullback as a possible entry, we are not there yet as far as I can see on the charts. Here are some examples for SLV...

 The 1 min intraday is recently negative and negative intraday.

 The 2 min has a recent negative trend

 As does the 3 min, these all suggest a short term pullback in SLV

 The longer timeframes which are more important to larger trends like the 30 min above and 60 min below both show leading positive divergences, it seems SLV is putting some sort of base together for a move higher, I just don't see the tactical entry as being available right now.


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