Abet Chichi2

[chichi2]

Silver ETF SLV analysis by Chi2 Jan 15, 2011

This Friday Jan14, SLV closed after a small bounce off of Cloud support, this was a savior. If SLV Price had entered the Cloud it would have been an Additional Bearish Signal and a notice of a Trend Change. At this date, SLV has not made a Trend change; the Trend therefore is still Up.

Notice on Chart, this savior maybe only temporary;
in next days Price must move upward to clear the coming Cloud Hump.
If not, Trend Change Signal will be given.

In recent days, three (3) Sell signals have been given.
Ichimoku Bearish Signals:
1•Price Moves below Base Line (momentum)
2•Conversion Line moves below Base Line (momentum)
These two signals say momentum right now is downward.

The third Sell signal is Our Normal TA
3•Price Moves below 50dma
Friday this was a slight move, the next days will confirm or deny this particular sell signal.

As of Friday Jan14 Close:
Price = 27.74
Conversion Line = 28.55
Base Line = 28.91
20dma = 28.85
50dma = 27.81
Cloud Topside = 27.73
BB = 27.52
Jan14 Low Price= 27.45

TA ICHIMOKU EDUCATION
http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:ichimoku_cloud

Chichi2 added one of his Startrek "Force" Poles
SLV must not break below this Pole
if it is remain in a Positive Trend.
He suggests Force of Ultimate Support
if SLV is too weak to recover any time soon.
He believes SLV will rebound before this.
If you are a believer as he is
you might start easing into Silver.
At Your OWN Decision, and Your OWN Responsiblity
and Risks, chi2 is not an analyst nor stock advisor.