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Silver Wheaton Call Spread: January 17th, 2013 1 comment
Silver has been performing well over the last few days and I am looking at Silver Wheaton (SLW) for a trade. Currently SLW is basing just under a major trend line offering resistance On the last couple moves up to the trend line shares immediately traded lower but on this move shares have remained relatively stable. Also the RSI has broken its downtrend and is currently moving in an upward trend. Below I will outline the call spread I entered this morning.
Trade:
Buy March 37 Call for $1.60
Sell March 39 Call for $0.90
Net Debt of $0.70
On a break above the trend line I believe we will see a continuation and a gap fill to the $39 level before encountering resistance.
(click to enlarge)
Disclosure: I am long SLW, SLV.
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