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| 2 Year Daily SSRI |
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| 6 Month Daily SSRI |
Inverted head and shoulders pattern emerging in Silver Standard Resources: SSRI. Today we saw an open at the 38.2% retracement level and closed at the 50% retracement. A 2%+ move from 28.03 down to 27.40. The 61.8% retracement is sitting right above the neckline, both sitting around 26.50, so I feel the downside is quite limited at this time (around 26.00) and will take a position to once again, front-run a reversal.
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| Elder Impulse 6 Month Daily |
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| Elder Impulse 2 Year Daily |
The shorts have taken control the last three trading days and may just provide an attractive entry point next week. Longer term support from February at 26.00.
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| 1 Year Daily |
I think we will see a bit of a pullback as the recent run is consolidated but the long-term trend is up. The ascent has been steep from a technical standpoint and it makes sense to consolidate for a period of time.
ReplyDeleteSometimes it may be wiser to sit on a stash in the ground of a valuable and appreciating asset, rather than waste a billion dollars to take some of it out.
ReplyDeleteThe question you have to ask is how long to you leave the asset in the ground? If there is no intention on behalf of management to put the deposit into production then why hold the stock over bullion?
ReplyDelete@ Anon, yes the long term trend in silver will carry SSRI far in the next rally.
ReplyDeleteJerry if you intend to run a business, it is hard to sit on the asset too long and make any money.
ReplyDeleteKevin, last year SSRI earned $346.2 million pulling silver out of the ground. SSRI is a MAJOR producer.
ReplyDelete