Silver Wheaton: Take some profits

Silver Wheaton has gone on a spectacular run recently and it surged to a all time all of $13.65.



Silver Wheaton is showing a gain of nearly 43.3% in our portfolio here at silver prices, but in light of the recent spike, we are going to take some money off the table by selling a proportion of our holdings with the intention of buying the stock back in the not too distant future at a lower price.

We are still very bullish on this stock and silver prices but the stock is looking quite peaky and is probably going to fall back slightly. The RSI is at 77.06 signalling a sell and the STO is high with the Full STO at around 96 and the Fast STO at 98.05, 96.07. On the STO the black line appears to have crossed the red, giving a bearish signal.

We have been watching the rally in Silver Wheaton very closely as it made an ascending triangle formation, the broke out of it and went to an all time high.

Silver Wheaton trades as SLW on the NYSE and TSX.

We sold 50% of our holdings at $13.48 today, for a profit of 43.3% and we will keep our readers posted on the Silver Wheaton's progress.