Stock Chart Analysis SLV
iShares Silver Trust (ETF) (Public, AMEX:SLV)
Gold and Silver have had a very sharp move recently, specifically heading into the much anticipated Fed release. While this could just be the beginning of something, it may of gotten ahead of itself in the near term. I'm not sure why there is a disconnect between Gold and Silver, but the GLD etf is at new yearly highs while SLV remains mired under it's 200 day sma. Looking at the chart of Silver below, it is pushing up against a trendline and it's 200 day sma which may prove to be a little much for it in it's extended state. I'm not sure if it will reverse here and retest the recent lows, but it seems like it will at least backoff and retrace to the 20 day sma. There could be some decent shorts in the sector, being that the miners are also overbought. I am looking at PAAS and SSRI as possibilities.
Good Trading,
Joey
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I agree with your assessment that silver will probably pull back to that 20ema area...I think anywhere in the that 125 zone SLV could be a juicy buy before the breakout above the 200dma. The move underneath the 200dma can only last for so long. With the dollar falling people will look to park $$ in hard assets.
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