Alert: silver continues to meander.
Let’s place an order to add ZSL on a stop.
Silver continues to meander in a sideways range, and it has fallen back again from resistance at its 100-day moving average. It continues to look heavy. Additionally, gold is continuing to move lower today, perhaps signalling that yesterday’s market scare was not just a flash in the pan. I think it makes sense to position for some silver downside once it starts to break. Let’s place an order to add ZSL (ProShares UltraShort Silver Fund) on a stop to play for a breakout that could happen soon.
ZSL (Last Price: $19.04)
Buy shares of ProShares UltraShort Silver Fund, symbol ZSL, at $19.50, STOP; this order is good till cancelled. Then, only if this order is filled, place an order to SELL ALL your shares of ProShares UltraShort Silver Fund, symbol ZSL, at $17.90, STOP. This order is good till cancelled.
[Please note this is a 2x-leveraged, inverse fund which means it will move roughly twice as fast, and in the opposite direction, as the underlying price of silver.]