Until they can exhibit far more strength, the metals and miners continue to be trading vehicles, at best. They all remain in overarching downtrends until proven otherwise.
That said. if Silver Wheaton, arguably the premier silver miner in the world, can hold this 50 RSI (top pane) on the daily chart, below, then it adds credence to the declining sell volume pullback it has seen over the past week. Above 50 on the RSI is generally considered to be in bullish territory. That pullback in price also come down to the 20/50-day moving average confluence.
I need to see some signs of buyers showing up. But If I get what I want I think we could be looking for a move up to $25.
I would not want to see the stock slip lower and complete the gap from 07/19 at $21.46.
Earnings are scheduled for 08/14.
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Insane idea even it works and a very scary thought . If this market is so picked over that we have to start looking at metals then it is time to retreat .
Not yet , maybe in 4~5 months , but using quality capital to trade POS metal stocks is bad advice .
Disagree. If you have a plan to enter and exit the trade you can be tactical, as I mentioned. It worked well for us with NUGT last month, and DZZ the month before.
EXK worked too, I eyed SLW last night too. It’ll be interesting to see how the miners play today
exactly