Silver…Fibonacci Update

Posted by Chris Kimble on 02/27/2011 at 11:41 am; This entry is filed under silver.

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Game Plan...Remain an owner of Silver/Silver ETF SLV with a stop just below this key fibonacci level.  If Silver can break key resistance, will be looking to overweight.  Silver sentiment remains very bullish so do keep a stop in place!!!

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4 Comments

  1. Ty Menna February 27th, 2011 at 11:43 am

    Chris,
    Silver looks a little parabolic of late, no?

  2. Chris Kimble February 27th, 2011 at 11:49 am

    Ty…Yes it is pretty steep of late. It did have almost a 100-day sideways channel recently, which has broken to the upside. It seemed like an upper level pause and so far that looks to be true.

  3. stemphos February 27th, 2011 at 10:25 pm

    Chris,

    You mentioned in an earlier post (Friday) that ~$30 was where you would exit your position, has something changed your mind?

    Thanks
    stemphos

  4. Chris Kimble February 28th, 2011 at 9:24 am

    Stemphos…No on the stop. Nice upside action this morning in Silver