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GENERAL ELECTRIC COMPANY, SPDR S&P 500, ADVANCED MICRO DEVICES, INC., ISHARES MSCI EMERGING INDEX FUND, DRONE USA, INC, INVESCO QQQ TRUST, SERIES 1
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- Silver appears to be confined within a rectangle shaped trading range, commonly known as a continuation pattern
- This occurred after a breakout of the short/medium term descending trend-line
- Bullish move before the rectangle pattern gives bias to a bullish continuation
- Price would need to break the upper horizontal resistance line of the rectangle before ...
Short target 13.9 - 14.0
As I posted yesterday i'm bullish on Silver. Looking here at much lower time frames than my earlier post you can plot out a nice pitchfork to take advantage of this trend.
Added the 1.5 fib zone of the fork to take advantage of any over bought or sold times to take profit/add to position.
Silver could turn out to be the true superstar within the precious metals complex. There are no new inventions around silver that lead to this conclusion. It is based on technical analysis. Silver behaved like gold on steroids. The swings in both metals went into the same direction but had a far bigger magnitude in silver. There is no obvious reason why this ...
I've been watching Silver for a while now and finally got into a heavy long position when we saw it close in a inverted bull hammer at yearly lows earlier in the week. The following days painted what i'm interpreting as the metals market version of 3 white soldiers. These three things combined (multi year lows/support, ibull hammer, soldiers) form what to me ...
As the waves develop in the Silver market some other possibilities present themselves. Seeing the possibility of a flat developing in the middle of this sell-off with price likely to rise up to around the 15.2 area. Then followed by a sell off into the seasonal low in December. Although the sell off looks like it is a little steep. A more gradual, time ...
Naked eye chart, really not much to say there.
The industrial proxy peaked in early 2018 along with silver prices. It has ebbed and flowed, but the trend is obvious. Much of this has to due with China's economy rapidly slowing down. Even the state-run manufacturing PMI is about to dip below 50 into contraction while data from SpaceKnow suggests China's manufacturing sector is already below that 50 ...
- Silver looks like it may be attempting to break out of a "descending triangle looking" pattern
- Look for a solid close above the descending trend line resistance to confirm
- US Powell speech later on this evening could provide a lot of volatility to this pair so be careful
- Could easily snap back and break support
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
*Very strong support in 14
*Price is less likely to go to 13.50
Watch the price action at the reversal point then buy
RR Ratio 1.5:1
(Note: Never trade with the money you can't afford to lose)
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Silver is a very important commodity, in fact it is even more useful that Gold. As only about 10% of produced Gold is used in various manufacturing, rest 90% goes for jewelry and just as safe haven, where Silver's 50% goes for manufacturing as an example your touch-screens, solar energy and medical sectors... But I'm not here to predict future of humanity :)
This is just a journal for me. I strongly warn you to not take this in your real account. Good luck!
Patterns and targets TA classical
retest and down upload photo with zoom
Huge demand zone below
RSI bottomed out - historically provides a bull run
Bouncing around trendlines above before we see a clean move
Take profit around $27-$31
Stop loss below the $13 low
It's interesting to me.
Price tested demand zone 4 times.
Also with plenty room to move.
RR up to 4.5