Sunday, June 5, 2011

Good Silver Short Entry Point Presenting Itself? 8:30PM CST 6/5


(Chart 1 - Daily Silver ZOOM)

I am bearish paper silver (such as ETFs and futures) for reasons detailed here on Friday.

37.50 is the overhead line in the sand ultimate resistance.

However we just had a nice run up into a Fibonacci cluster at 36.80(62% of May 11 high to May 12 low)-36.96 (50% of May 26th high and Jun 3rd low).

I think this area can be sold with targets from this post here still valid


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5 comments:

  1. DolemiteJune 6, 2011 at 9:18 AM

    Doubled down on my SLV puts I talked about a few days ago.

    I am out if we get a close over 37.5

    ReplyDelete
  2. lixJune 6, 2011 at 11:24 AM

    Thank you for your analysis. Silver looks a bit exhausted at this level. Do you see the decline starting here and what is your short term target?

    ReplyDelete
  3. DolemiteJune 6, 2011 at 11:36 AM

    I agree
    37.5 is my line in the sand
    I am short via owning puts on slv (added today)

    http://deadcatbouncing.blogspot.com/2011/06/silver-to-have-significant-downside.html

    post from a few days ago for targets and other thoughts

    ReplyDelete
  4. lixJune 6, 2011 at 11:51 AM

    Me as well (SLV puts). Thanks for the link. Will be interesting how this plays out.

    ReplyDelete
  5. DolemiteJune 6, 2011 at 11:57 AM

    agreed
    thanks for following along and for the comments

    good luck

    ReplyDelete

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