View Full Version : Support levels / Bottom Call

3rd May 2011, 15:31
I see support around the $37 - $39 area. Price action is extremely important when trying to find support, and if we get there tomorrow, I suspect we could have a huge bounce off of it, and maybe rally all the way up to 43 or 44 before it goes lower (if it does). If I had to put a bottom call I'd say around $25 to $30. I'm guessing it'll break through the 150 and 200 day moving average.

Silver likes to find support when theres blood on the streets. The best indicator of silver bottoming will be when almost everyone on this forum is crying and bitching about manipulation (not that there usually isn't, because someone is complaining about it everyday). Having said that, there's too much bullish sentiment now on this forum and everywhere else; this is nowhere near the bottom.

Sorry guys. But I'm just calling it the way I see it. Don't equate me to Roger though. Silver will go to $100 in due time.

3rd May 2011, 15:36
Short-termed, I see the intraday low of 39.62 as the bottom for SLV. I've already picked up quite a few May 20 42 calls between 1.23 to 1.27 as posted earlier.

3rd May 2011, 16:26
I would pick up some silver at $25 pr. oz

3rd May 2011, 16:31
The retail silver bulls were way to confident that they would crush JPM and get rich in the process. “ Caveat emptor”

3rd May 2011, 16:43
I'm planning to load up the truck when the price gets down to $10 or so.

3rd May 2011, 17:36
While I have been surprised that the price went as high as it did, I have LONG said that it would settle down again...even back in the mid/high 20's. What the permabulls don't seem to agree with is that THAT is STILL a GREAT floor to sit at. Sure...I'd be happy if it stays where it is...we all would, but even if we settled in at $20-25, it is still much higher than any historical support levels for extended periods of time. The permadouches are out of touch with reality. Their love for silver is admirable, after all, that's why we're here (at least the PM holders). Unfortunately, silver is not a savior, nor is it above normal reproach. I find it funny that with the dip to $40"ish", there is an eerie quietude to the Silverseek...and quite frankly, it's nice to see some new screen names posting thoughts. The same tired old nazi, racist, "the world is coming to an end...better buy silver" thing is overdone, and unrealistic.

I loves me my silver, but I'm not unrealistic about what it does. This MASSIVE increase in valuation has allowed me to realize a LOT of things...by realize, I mean sell PM in order to get things I wouldn't normally have purchased. It has also opened up the gates to a whole new batch of buyers, which is GREAT for the future value of silver.

All that said, I don't think the run is over.