Silver Is Struggling
The iShares Silver Trust (SLV) looks to be in some trouble here. In fact, silver -- as well as gold -- are struggling along with oil. I have been holding on to the remaining part of a July 27 straddle in SLV, and it's having some difficulty. However, in looking at the charts on both a daily and weekly profile, I am a bit more optimistic.SLV -- Daily Source: StockCharts.com View Chart » View in New Window »
The SLV looks to be clinging to the $26.40 area on the daily chart, but the key here may be the relative strength index, which has broken down in an over-the-cliff like fashion the last few days. Even though the price hasn't lost support yet, there is reason -- beyond the RSI -- to believe it will. The stochastics are falling, but they haven't yet reached oversold territory. The oversold area has not been an attractive area to enter a new short position -- but, still, it has not guaranteed a bounce....207 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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