{"id":15081,"date":"2011-09-19T13:13:30","date_gmt":"2011-09-19T17:13:30","guid":{"rendered":"http:\/\/www.thedisciplinedinvestor.com\/blog\/?p=15081"},"modified":"2016-09-20T18:45:34","modified_gmt":"2016-09-20T22:45:34","slug":"silver-slv-short-position-update-and-level-watch","status":"publish","type":"post","link":"https:\/\/thedisciplinedinvestor.com\/blog\/2011\/09\/19\/silver-slv-short-position-update-and-level-watch\/","title":{"rendered":"Silver (SLV): Short Position Update and Level Watch"},"content":{"rendered":"

We had discussed that we some cracks in the potential foundation for Silver (SLV) recently (Read that article<\/strong><\/a>) . At the time, the metal was trading at $41.55 and there were a few defined points where there would possibly be another serious drop if price support was breached.<\/p>\n

Here is what we said on September 8th<\/strong><\/a>:<\/p>\n

From this chart we can detect two prior cuts below the $40.23 level and then a move higher. If that price is tested again, we may see a breakdown toward $37.67. That is our current downside target. On the upside, the \u201cstop\u201d\u009d area is currently set at a top end of $43.41.<\/p><\/blockquote>\n

Updating the chart now shows that there is continuation of the recent downtrend. The current price undercut the $40.23 target and now is finding support at what appears to be an Average True Range adjusting support point – $39.24. back on August 24th, the same level was hit an Silver bounced to the $43.39 level (23.6% Fibonacci Retracement).<\/p>\n

Just as an aside, the Fib Retracement is not something that we will use as a absolute, but the patterns and fit for Silver are working well. Often this is what is often said when something is trading technically<\/em>. Silver is trading technically and this is why breakdowns and support levels are being used as important determinants of directional moves.<\/p>\n

 <\/p>\n

\"\"<\/a><\/p>\n

From here, the next point of support is the 50% Fibonacci level of $37.67. There is also the 150 DMA at $38.40 that may provide some excuse for support but that does not fit the historical pattern well.<\/p>\n

One more point of interest: We are hearing that there is a good deal of forced liquidation occurring. This may e coming from Europe as there is some hedge funds that may be getting walloped on the Euro Region….<\/p>\n

(Horowitz & Company Clients are Long the 2X Inverse Proshares Silver ETF – ZSL)<\/strong><\/p>\n

___<\/p>\n

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___<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

We had discussed that we some cracks in the potential foundation for Silver (SLV) recently (Read that article) . At the time, the metal was trading at $41.55 and there were a few defined points where there would possibly be another serious drop if price support was<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[12,21,42],"tags":[486,352],"class_list":["post-15081","post","type-post","status-publish","format-standard","hentry","category-markets","category-short-ideas","category-stocks","tag-short-ideas","tag-silver","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"acf":[],"_links":{"self":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts\/15081","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/comments?post=15081"}],"version-history":[{"count":0,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts\/15081\/revisions"}],"wp:attachment":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/media?parent=15081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/categories?post=15081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/tags?post=15081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}