Home > stock charts, Stock Market, technical analysis > SLW flirting with failure

SLW flirting with failure

Silver Wheaton (SLW) had an interesting day today.  With silver up 2%, SLW – which typically trades as an amplified reflection of silver – finished down fractionally, weakening steadily throughout the session.  Technically, SLW has broken under a rising channel that’s been in place for 3 years.  SLW is still struggling to regain that channel, and now it is also testing the falling trendline from its top last month.  It’s got dual resistance to punch through, or I will likely vacate my position in SLW.

Silver is rising to test its 50 day MA in short order and a failure of silver at the 50 could coincide with an SLW failure to re-enter its rising channel.

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