Wednesday, May 4, 2011

Quick Update on Silver

Quick Update on Silver Futures

Those who are wary on the silver drop, it looks like on an hourly and 4hourly chart silver futures are trying to put in a double bottom. the action around the 50-day EMA is certainly a battle and bulls are looking to hold.

It should bounce here, but it's not out of the woods yet. It could still be a retrace of the move down. I wouldn't get too confident unless it can retrace at LEAST 50% of the move down today. The double bottom-pin looking convincing so far. Let's see if it holds.

RSI and MACD are starting to curl up from oversold levels enforcing the bounce.

Stocks like AG and SLW are looking to be extremely attractive. AG is bouncing off a fibonacci fanline that's holding pretty well.

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