ChartWorks: Silver and HUI - Ready for a Bounce

By: Bob Hoye | Fri, May 13, 2011
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The following report was published for our subscribers May 6, 2011.


 

Silver has given up 40% of the 30-month rally in just five trading days. We should look for a recovery of 38% to 40% of the $16 decline. This targets $39 to $40 as resistance.

Silver Chart
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The HUI is straddling the 21-week moving average and also eligible for a bounce, however the best support is at 470.

HUI Chart
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Link below to the May 6, 2011 Howe Street Audio Interview with BOB HOYE: Silver Bull Takes Profits - Eric Sprott sells silver, buys shares:
http://talkdigitalnetwork.com/2011/05/silver-bull-takes-profits/

Technical observations of RossClark@shaw.ca

 


 

Bob Hoye

Author: Bob Hoye

Bob Hoye
Institutional Advisors

Bob Hoye

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Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/
austrian-money-supply/