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Message: Silverado Gold Chart, April, 14

Silverado Gold Chart, April, 14

posted on Apr 14, 2009 09:39PM

I've updated the chart, you will notice that the 2nd Bullish Pedant Flag is holding on the Silverado chart. The short sellers are losing their control to paint a negative picture they tried twice in the past week to drive the price lower but failed

PLEASE NOTE: That the MACD technical indicator has been forming a bullish upward trend since last march 23.

PLEASE NOTE: A pedant flag is formed when the price moves higher over a few days and then consolidates by moving sideways to a point where there is very small up/down movement in price; another words it forms a side-ways pyramid on a flag pole, just like the old college team sprit flags on a stick they waved at football games in to 1920s and 30s.

PLEASE NOTE:
that the 20 day moving green line has moved comfortable higher above the 50 day moving avg. blue line. Everyday the share price holds in this consolidation phase, brings the 20 day moving avg. line higher above the 50 day line.

PLEASE NOTE: With trading volume tapering off, as noted by the accumulation of shares black line over-laid on top of the chart, allows for the Relative Strength Technical Indicator, top of chart, to drop back below the over sold threshold, this is a good thing while the price builds a new floor to spring higher. REMEMBER; a slow steady gradual move upwards on the charts squeezes the short sellers, which will give them sleepless nights because there hasn't been any room for them to drive the price down to make any money. If this slow positive trend continues upwards, the short sellers will eventually be forced to say "I am a believer, Garry is the real deal" and begin to buy Silverado stock by the truck loads to cover their short positions.

and the saga continues...

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