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« Technical Analysis of The Summer Silver Market | Main | Hecla Mining Pauses To Consolidate 25% Gains »

Silver Wheaton: Beginning to Correct

Silver Wheaton has gone on a great run, breaking up through an ascending triangle formation and smashing all technical resistance to make an all time high.

Silver Wheaton: Beginning to Correct

We signalled to take some profits on SLW and we took some money off the table as the stock looked as if it was going to correct. It now appears that a correction is beginning as Silver Wheaton is slowing down slightly and it is pulling back to a support at around $13.50

If one takes a looks at the green Bollinger Bands, one can note that the gap between them is over $5.00 and this suggests that SLW is set is come back some way perhaps to the $13.35 level or even below $13.00

The Relative Strength Index for Silver Wheaton is fairly high at 62.07 and one would expect the RSI to move south of 50 before a new rally begins. The MACD indicator looks poised to send the black line down through the red line – a negative sign that suggests a fall in SLW is due soon. Indeed, the Full Stockastics for Silver Wheaton has already turned down so look for some more down side in the stock in the near future.

Silver Wheaton should move down closer to its 50dma in future trading and we will look to purchase the shares we sold at $13.48 at a lower price on this correction. As always, our readers will be kept fully informed on SLW and updated on any trading opportunities we see in this stock.

Silver Wheaton trades as SLW on the NYSE and as SLW on the TSX.

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