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Engulfing Candle On Silver Wheaton Spells Top And Big Drop Coming $SLW

|Includes: Wheaton Precious Metals Corp (WPM)

One of the most important reversal signals has shown up on the Silver Wheaton Corp. (SLW). An engulfing candle (to the downside) occurs at a major high (often a 52 week high or multi-year high). The candle reverses a strong move up from the previous day and must negate 100% of the move up. Notice in the below chart of Silver Wheaton how yesterday was a strong green candle making new 52 week highs. However, today the move down has eclipsed the entire move up and is now below yesterdays lows. Assuming the candle closes down here, a huge sell signal will have been put in on the SLW (Silver Wheaton) stock chart. I post all of my trades live where they are verified at Check me out there!

Silver Wheaton is putting in an engulfing candle formation on the daily stock chart