The Tape Is Always Right
Once again, stopped-out of the biotech short (not advice, not a recommendation).
Call it bad timing, incorrect analysis or whatever. Every opportunity for SPBIO, to go lower is being thwarted … so, no more for now.
On the flip side, the potential collapse in silver has been discussed over the past few weeks, here, here, here and here.
Looking at the chart below, not only do we have a Wyckoff Up-Thrust, but unless it’s negated by subsequent price action, we’ve got an ‘island gap reversal’ as well.
Prices can’t be sustained at yesterday’s higher level.
Silver SLV, Daily
As previously discussed, very late in the session as SLV, price action rose higher, reducing the risk, a short was entered via Leveraged Inverse Fund ZSL @ 28.08 (not advice, not a recommendation).
The trade is identified as ZSL-22-01.
An obvious hard-stop would be yesterday’s high in SLV, or the corresponding low in ZSL @ 26.55.
Charts by StockCharts
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
The Danger Point®, trade mark: No. 6,505,279
Pingback: Tesla … Set To Implode « The Danger Point®