Below is what we discussed about Silver Wheaton (NYSE:SLW) on Monday.
Since then it has pressed into key support between 18.10 and 17.50, from where I was (am) expecting a U-Turn into a new upleg.
Yesterday's up-gap open, and pop to above 19.00 has not sustained, which argues for SLW to press lower to fill the up-gap (or most of it) into the 18.50/40 area, where I will start a new medium-term, long position. MJP 5/11/16
As we speak, SLW is testing its Jan-Apr support line, now in the vicinity of 18.45, which if violated and sustained, should trigger downside follow-through into the 18.10-14.50 lower support zone, where I will be looking to re-enter a new long or new long options position for our Model Portfolio, in anticipation of the emergence of a second powerful upleg that propels SLW to 25.00-26.00 thereafter. MJP 5/09/16
