Silver is "hanging around" in the "BUY ZONE", also called the "Double-Down-Zone" labeled with the brown box.
Yesterday silver jumped up strongly and retraced back down.
I left my previous comment down below where I pointed out that Silver was overbought, many times a very bullish sign for a very strong trend to get overbought and then just see if it stays overbought as it prevents those who want to buy on dips from getting in. That's how the strongest trends work. However, this trend wasn't one of those "strong trends", so here were are, turning up from "oversold" on 11-day CCI from a reading at less than -100. Usually crossing back up above -100 is enough to trigger a good rally and we did get a real burst up yesterday, but the market gave it all back. Now we are lingering around in the "buy zone" with a tight stop down under $15.76.
I have included the MTPC or Multi-Time Period Charts on here so you can see the next time frame up clearly on this chart. It is very useful to be able to know what the longer term time frame is telling you and this MTPC helps you see the bigger picture in the same chart.
Upside targets are all shown by the yellow arrows. 16.80 - 17.00 - 17.30 - 17.70
SLV 16.06 last Tuesday, June 2, 2015
Tim
Yesterday silver jumped up strongly and retraced back down.
I left my previous comment down below where I pointed out that Silver was overbought, many times a very bullish sign for a very strong trend to get overbought and then just see if it stays overbought as it prevents those who want to buy on dips from getting in. That's how the strongest trends work. However, this trend wasn't one of those "strong trends", so here were are, turning up from "oversold" on 11-day CCI from a reading at less than -100. Usually crossing back up above -100 is enough to trigger a good rally and we did get a real burst up yesterday, but the market gave it all back. Now we are lingering around in the "buy zone" with a tight stop down under $15.76.
I have included the MTPC or Multi-Time Period Charts on here so you can see the next time frame up clearly on this chart. It is very useful to be able to know what the longer term time frame is telling you and this MTPC helps you see the bigger picture in the same chart.
Upside targets are all shown by the yellow arrows. 16.80 - 17.00 - 17.30 - 17.70
SLV 16.06 last Tuesday, June 2, 2015
Tim
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