SLW on the Move (+7% Gain in 3 Days)

A month ago Mike added Silver Wheaton Corp. (SLW) as a trade set-up, anticipating a basing pattern that, once concluded, would resolve into a thrust higher. The stock based and then consolidated from late-October into its December 17 stepped-up, secondary low at 18.69, which compelled Mike to add to the position with the expectation of upside continuation.

The stock proceeded to rise more than 7% since adding to the position (from 19.29 to around 20.80), putting the average of the two trades ahead by several percentage points.

Mike sees the stock having ended a corrective leg at the December 17 low of 18.69, with a first target of 24.00 on the new up-leg.

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