SLV bottom? Possible trading opportunity
It seems to me that SLV has bottomed the past few trading sessions and is setting up for a move higher. Here is the chart.
SLV has taken a beating lately. And although I am aware that paper silver isn't real, I still think there is profit to be made. The RSI tells me its really oversold right now and as you can see from the chart, today was an up day and SLV has stopped going down.
The last time this happened was a few months ago when it went from 16 to 17.5.
I will most likely be trading this tomorrow or sometime soon depending on how the price action continues and I will most likely buy august or september calls and possibly a put to hedge myself. If SLV keeps going down, it's fine by me. Ill be hedged AND that just means I can get metals for cheaper prices so either way its a win.
Thank you all for reading! Please upvote/resteem if you agree!
Thanks for the Analysis!!!
I have no money left to trade but have a couple of silver based mining companies that have taken a battering of late. hope the move up happens soon so that I can lock in a profit and then hopefully buy back and stick into my ISA (where it is then protected from Capital Gains Tax)
Be greedy when others are fearful and be fearful when others are greedy.
Warren Buffet!! Good Advice!!
Mining stocks looks at its bottm or almost. I like looking at there whole chart history, now is one of the greatest chances in history i believe before the biggest crash ever to buy mining or physical silver.
Yes the mining stocks are still very cheap having been knocked back down...However, I actually think the absolute bottom has been and gone (January 2016). They will rise again. I'm just frustrated that I keep buying on the rise, only for them to get knocked back. I'm still hopeful of landing a 100 bagger!!!
I don't think it's at the bottom yet, based on the chart it will go up the next couple of days then will start another down trend.