Last Wednesday's break of validated support was retested on Friday, failed, and we got the sharp selloff yesterday, which closed below early December 815-818 horizontal support, and last Thursday's 817 low.
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About Me
- Melf Elf
- Blog Purpose: To share with others what I know about technical analysis and about trading. I am not licensed to give financial advice. I never do so. I don't try to "predict" the market. I try to FOLLOW the market, as best I can. I honestly don't know how high or low a stock is going. I'm not a psychic. I mainly look at chart patterns, trendlines, support and resistance. If a pattern breaks out or breaks down, that gives me a price target that is IN PLAY. That doesn't mean that the target will get MADE. Some do. Some don't. While I try my best to answer questions that are directly related to any of the posts that I make, I don't have time to give individual tutoring. Please check bookstores, libraries and myriad sources on the internet on the subject of technical analysis and take advantage of those resources. Thank you for visiting my blog. I hope that you are able to learn something while you are here.
4 comments:
Looks like the SLV is getting ready to breakout per your post of a few days ago.
Hi, Mark,
Yup. I just bought it at 11.53.
I was busy but got in at 11.71 thanks for your post.
Mark,
The breakout looks pretty decent. Average 100 Day volume is 6.8 million shares. We traded 16.6 million, so that's better than 2X average.
Good luck to us ;)
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