Tuesday, February 28, 2012

Update on Silver Wheaton (SLW)

 Subscribe in a reader

Back on December 29th ITZ suggested entering Silver Wheaton (SLW) @ $27.50 with a full position read post a month later ITZ suggested taking a 1/4 position off @ $35 (+27.3%) read post. Since then for 3 weeks silver consolidated and recently broke out as ITZ noted read post

So What is next? ITZ believes silver can go higher, below is a long term GLD SLV ratio chart, the ratio broke out of a Bearish Rising Wedge and the trend is lower, bullish for Silver Wheaton (SLW) and the iShares Silver Trust (SLV). ITZ maintains a $42 Price Objective on SLW, suggests those who entered back @ $27.50 and have a 3/4 position, to set a 1/4 position stop @ $37. Currently SLW is trading at $39.59, remaining position +44%.

1 comment:

itzstockchartz said...

***Update Alert *** SET STOP @ $37