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« Portfolio Update 21 August 2007 | Main | A Trading Opportunity in Silver: BUY »

Silver Standard: BUY

Silver Standard has been one of our best performing silver stocks over time, recently bucking the downwards movement in silver stocks and putting in a good performance.

Silver Standard: BUY

However, Silver Standard has now gone through a pullback and to us this appears to be a good opportunity to either add to your holdings in Silver Standard or purchase some shares for a short term trading move. Therefore we are signalling an additional BUY on Silver Standard. We wrote about how silver stocks were nearing a good buying opportunity on Thurday but we wanted to wait to be sure that any future downside was limited and that the majority of the pullback was over.

Technically speaking, the STO for Silver Standard is in the BUY zone and appears to be making a slight turn up, although the bullish sentiment has not been confirmed as the black line has not broken up through the red line yet. The RSI is looking very bullish, having been below 30 and it is now making a turn up as it stands at 27.20.

We think there is a high chance that Silver Standard will rally back up into the low 30's, if not mid 30's, in the coming weeks, perhaps sooner than that. Therefore we think Silver Standard is at a good level to buy at the moment and we bought today at $28.99.

Silver Standard remains as a BUY in our silver portfolio and we think that this stock will do well in the long term as well as over the next few weeks as the silver bull market continues. You can stay updated on the silver market and silver stocks by subscribing free of charge to our Silver Prices Newsletter.

Silver Standard trades as SSRI on NASDAQ and as SSO on the TSX.

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