I added SLV in after-hours trading due to Silver’s drop to, and hammer at the 50 day moving average. The major daily chart trend (SMA 200) is up and if support holds here the intermediate trend (SMA 50) could turn back up as well.
Regardless, with the Fed out of the way after whispering its sweet nothings in the market’s ear it felt like the right time to take an initial position, especially after yesterday’s big hard down candle. That’s not to say something won’t come along and drive it down to the SMA 200, which was our original correction target. But for my portfolio purposes it was time to step up and give it a shot.
As a side note, as with the recent GDX buys instead of trying to pick additional miners, adding silver instead of additional silver miners right now (although curiously AXU continues down toward the best buy target at the SMA 200).
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
