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Big-Picture Uptrend Still Intact for SLW, Silver

Commodities / Gold and Silver 2012 Mar 14, 2012 - 07:50 PM GMT

By: Mike_Paulenoff

Commodities

Although Silver Wheaton (SLW) remains under bleeding pressure as we speak, my big picture work argues that a new bull phase for the stock has been in progress since the October 4 low, and that recent weakness from the Feb 29 high at 40.39 to today's low at 33.55 (so far) is the tail end of a pullback within the still-dominant uptrend pattern.

As long as SLW weakness is contained above 32.00, my work argues in favor of being long.


Silver, in general, has a positive big picture, as part of a relatively healthy commodity complex. Daily spot silver appears to be completing an initial up-leg off of its September and December double bottom off of 26.02/14, and is now in a pullback prior to a resumption of strength.

ETF traders may want to keep an eye on the iShares Silver Trust (SLV).

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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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