3 Charts on the SLV

I gave my Red-Hot Resources subscribers the full scoop on what I think is happening with metals and what Japan’s nuclear disaster means for the world economy and global markets. Here are 3 charts of the iShares Silver Trust (SLV: 33.61 -1.40 -4.00%) I wish I’d had time to include in the issue.

First, a chart of short-term support and the short-term trend …

All signs point to a short-term pullback. But as good traders, we have to be prepared for if the pullback goes deeper. Here’s what intermediate support on the SLV looks like …

So far, the intermediate trend is still bullish, so it’s unlikely we’ll see this deep a pullback.

But what if you’re bearish on silver. And you know who you are. This chart of the SLV is for you …

I would say “don’t hold your breath” for this one, but A) it is on my radar, because I take such possibilities into account and B) the bears aren’t listening to me anyway.

Good luck and good trades, whatever your outlook.

Tagged as: silver, slv

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