We got another reversal confrimation today. Like gold, we are heading for a lower low on this pullback. I'd expect to see 15.8-16.3. Invalidate this position if the recent high from yesterday is taken out.
Silver has broken out of a multiyear descending triangle pattern to the upside. Typically a descending triangle is a bearish pattern so for it to be foiled and having gone to the upside is extra bullish. Moreover, silver entered a bullish falling wedge pattern right after, back-tested the initial triangle's resistance-turned-support and continued upwards. There is...
end of January target is $15.91;
let's see if we can hit it. I'd like to see higher, but not likely in the short-term. I'm expecting not to break $16 this intermediate cycle; but very likely in the next one: come end of February to mid March, I think we then break resistance after a decent pull-back.
HAPPY NEW YEARS TRADINGVIEW!
I figured what better way to start off the new year than to take full advantage of the current sell off in equity markets. In addition to some lucrative short plays, I am really loving the RR of getting into commodity markets.
It's a story as old as time really! Well, maybe not that old, but it is a repeating phenomenon as old as...
Silver dropped more than I expected on my last post (see link below). The longer term uptrend line (dashed ) did not hold but the low from 2016 was not taken out. You can see volume has been up for awhile in the weekly chart. Have positive reversal in the weekly RSI.
Medium term bullish credit spread on SLV ( silver ). As silver attempts to break above 14.35 (spot price) we have a unique opportunity to profit on a 1 month bullish credit spread.
Max profit 14.50
Break even 13.70