Spamwich's  Instablog

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Specialty: Technical Analysis My early years were not so rich, I had a poor family, at age 12 I landed my first job as dishwasher for $6/hr, by 14 years old my mother suggested to cut grass around our town for extra money, so with what little money I had, I put into some fliers and a lawnmower.... More
  • $SLV Technical Explanation  0 comments
    May 2, 2014 1:57 AM

    As silver has been plunging lower I see everything coming together as expected. However there one little thing that is bothering me about getting too bearish on the metal, its the fact that price is still resting on the old 2010 resistance. Besides that, the MACD looks primed for a move down, and price structure is making consistent lower highs going back to 2011. Price is literally teetering on support, really showing that this is a wait and see period , breaking out of resistance is extremely important for the bulls here, and that could happen if support is maintained and price busts through that TL in a sideways fashion breaking the structure. Same applies for the bears, support must break here for the decline to resume, targeting as low as $9 as unbelievable as it seems...

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