This week, we take a look at the iShares Silver Trust (SLV). Go back to the trade alert that I put out on Sept. 16th and read what I wrote about the 1% rule. This is not something you should be taking lightly, especially with the way the markets have been performing lately.
Our trade from last week in SLV was to play a bounce off of support. We saw a slight bounce, but not the one I expected. Now that the stock has filled both of the gap targets to the downside, you can see that we are now at a key role reversal area. It’s likely that we will see a move to the upside to fill the gaps that have been left today and yesterday, but you must stay defensive while you are waiting to buy back in.
See this week’s accompanying video »
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