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1/27/10

Chart of the day is....

...silver, via the silver ETF (SLV) over a three year period.


I was asked to run this chart by a mailer. So here we are. The first caveat is that I'm not a TA specialist (or much of a believer, bar the more basic observations that charts can give us). With that said, those red lines scribbled in show the channel Ag has been in since the Lehman hoo-hah hit upon us and it's been a pretty solid and regular upwards march for 2009 plus a month before and a month afterwards.

The other horizontal line is there because my untrained eye spots a potential zone of resistance around $16. So what with the bottom tramline of the upwards channel indicating a touch over $15 (best-fit it yourself....you can play around with these things for hours if so inclined) the current droop to $16.50 for silver spot may have a little more to run (but keep in mind that SLV normally sells at a slight discount to spot). Or then again it may not and SLV might just reverse and go back to $18 lickety spit. Charts, eh.......