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« Sell in May: Was it a good idea? | Main | Silver Wheaton Breaks Ascending Triangle Formation »
Sunday
Jul082007

Silver Wheaton Smashes All Technical Resistance and Surges to a All Time High

Silver Wheaton has been going on quite a run recently, and we have been giving our readers updates every step of the way.

Silver Wheaton Smashes All Technical Resistance and Surges to a All Time High

We first wrote about SLW forming an ascending triangle formation, which it broke out of and went on a small run, before we wrote that if it broke resistance at $12.50 it could really soar. Well Silver Wheaton has done just that and closed on Friday at $13.17, and all time high.

It is always great to see one of our silver stocks making an all time high, particularly when there has been no great upheaval in silver prices. This move up demonstrates investor confidence in Silver Wheaton as a silver company and it confirms our belief that this is one of the best silver stocks on the market today.

A word of caution to those readers who are already opening a bottle of Dom Pérignon, the Silver Wheaton chart is looking a bit overbought, with the RSI and STO in the sell zone. Indeed, just from analysis by eye, Silver Wheaton does look like its had a spike, so it might be a good idea to take some money off the table, or be prepared to hold through a small dip in SLW stock price.

We will continue to hold Silver Wheaton for the long term, and will add to our holdings on any pullbacks that we see in the future of which our readers will be kept fully informed. Silver Wheaton is still a BUY in our portfolio of silver stocks and it shows a gain of about 40% in our portfolio here at Silver-Prices.net

Silver Wheaton trades on both the NYSE and TSX under the symbol SLW.

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