SLW: Long Entry Stop $8.15 / Exit Stop $8.05

The World Bank forecast released today is putting severe pressure on equities and commodities.

SLW is testing a long term support at $8.05, Figure 1 and 2. This SLW resistance correspond with a long term support of e-mini Silver at $13.85 (Figure 3).

(My entry stop just got triggered as I was typing this.)

Long entry stop: $8.15, intraday resistance

Exit stop: $8.05, long term support

Target: $9.60, bottom of recent acending channel

Reward / Risk = 1.55 / 0.1 = 15.5 > 5.0

As Bill noted in his weekly review, we only have 7 sessions left until the end of quarter. It would seem that the market wouldn’t tank in the last few days just so companies can paint a pretty picture that all is well and recovering in their quarterly report.

Update 11:38am: My exit stop at $8.05 was triggered and I’m out of the position. I’ll wait until end of the day to see if I should re-enter this position.

Update: I re-entered my long at 12:52 for $8.06. New stop is $7.90, a support from a couple weeks ago. I’ll move my stop up if we move above $8.20.

Update June 23: I was stopped out at $7.90 at 10:31.

Silver Wheaton

Silver Wheaton

Gold and Silver

Related posts:

1. UNG: Long entry stop $12.17 / Exit stop $12.11
2. NBR: Short stop entry $16.10 / Exit stop $16.60
3. Paper trade: NZD/USD short stop entry 0.7262, exit trailing stop 0.7300
4. SCSC short entry stop $21.40, buy exit stop at $22.70
5. USO: Short entry stop $32.21 / Exit stop $32.49