May 8, 2011

SLV Weekend update

  • First chart shows price in weekly chart hitting the 20 week moving average and pausing here. Problem is with all that selling volume will the bears stop here? I feel more down moves to come in the coming weeks before we see a reversal.
  • Trend lines are projecting price towards 31 - 32 level in the short term.
  • Important supports are at 34 this is were the market closed and then the most important one is at 26.74 we have the 50 week moving average around here which will make it an important support level.