Silver Wheaton Starting to AccelerateCommodities / Gold & Silver Stocks Apr 20, 2011 - 02:42 PM GMT
Yesterday we noted to subscribers that Silver Wheaton (SLW) has climbed above its April down trendline at 42.20 and is starting to accelerate to the upside toward our optimal next target of 43.60/85.
This morning SLW gapped up to a 3-day recovery high at 43.86, just besting its prior high at 43.85 from April 15. That said, SLW needs to sustain above 43.85 and then thrust towards 44.80-45.20 to imbue the pattern off of Monday's low at 39.95 with extremely bullish form. That would suggest SLW is heading for a retest of its April 8 high at 47.60.
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By Mike Paulenoff
Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.
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