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The Miners (GDX) in General, and Silver Wheaton Corp (SLW) in particular, Digest Recent Gains, and are Poised for Upside Continuation


Below is what we discussed about 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.

Today'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

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