Tuesday, February 20, 2007

SLV setup


SLV might be setting up as a possible long or short. As you can see on the 240 chart, SLV has a nice uptrend line going. Price has pulled back to the daily 13 EMA support, but also is in the process of forming a double-top on the daily chart. What to do? If price breaks down from the uptrend line, price will accelerate to the downside, and I will look for a short. If price breaks to the upside through the downtrend line shown on the 60 min. chart, I will go long.

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