Great Panther Silver Limited (TSX: GPR)

After locking in profits on Great Panther last week at $2.50 from $1.87 (33.6% gains) I noted in the Successful Trade write up (read story here) that if Great Panther continued upwards, our resistance line at $2.50 would become support and we could hit our high target of $2.78 for an additional 11.2% gain. High of the week was $2.88 and we've started to pull back from that high and will soon test support again. Silver is peaking again at $30 and is showing signs of weakness in the last 3 days unable to post new highs.

Indicators on Great Panther have gone into the overbought area and are now turning downwards. If Silver does not show any signs of recovery and start making new highs, there's a good chance Great Panther will re-test support here and most likely fail it to the down side. Next support below is back to the $2.00 range. So if you haven't locked in profits yet, keep a close eye on what Silver does over the next week.

Want some free swag? I will give out a set of Chart Pattern Flash Cards to the first person that correctly identifies the chart pattern that has just formed on Great Panther and emails me the correct answer.