SLV $17.50 was resistance for 12 days in October 2009. Daily 10ema ($17.41) is just above the 50ema ($17.26), SLV needs to make a strong move North to hold support. BB $16.75-$19.14
Note: On 30min chart, SELL signal was initiated @ $18.38 on Friday 4th December with a BUY signal @ $17.10 on Tuesday 15th December.
Upside limited with strong support @ $16 ($15.82 on Wednesday 28th October)
MACD Histogram making a Bullish reversal from the lows on Friday 11th December @ $16.58. Slow Stoc (23) moving up indicating rising prises.
Close above $17.50 for 2 days or a break out move required to go Long (Re: Tuesday 2nd November move from $16.01 to $17.04)
Recent high was $19.11 on Wednesday 2nd December.
Current Trade setup
Long $15.90 Stop $15.10 Target $ $19.10 Risk/Reward 4/1
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