SLV is in a down trend since October 2012 and looks like it's currently in an accumulation phase. The Bollinger band squeeze indicates that it could break either bullish or bearish. If it goes above 20, my short term target is 21.36 (stop at 19.67). If it goes below 17.75, my short term target is 16.67 (stop at 18.24).
Note support resistance lines... Bearish below descending TL and recent horizontal resistance. My .02. However, May get interested long if SLV can actually get past down trendline.
As long as this stays below this down trendline... it is bearish. Above it. I get more interested in a long position. Bearish doji below down trendline.
SLV Friday candle has remarkable similarities to FRIDAY 4/11. Monday gapped down big. A similar candle would make a candle like the one drawn here. Note GLD also had similar look on same date as Fridays. IF this occurs. Monday could find money rotate to financials temporarily.
Here is my commentary from last January 2012 (over a year ago):
"I VIEW SILVER (SLV) as an attractive entry candidate on long side here. Back in October I saw that QE~ was unsuccessful at generating any new momentum in the price of silver and I felt it would undergo a correction.
Now that correction has lasted several months and the price has settled back down...
I am not making a forecast with this chart. Rather, I just want to show you where the SLV is relative to SPY in the last few years. When I look for chart opportunities, I often will look for LONGS in the trash bin where everyone has been selling and throwing out old ideas. I liken buying stocks to the popular "Thrift Shop" song by Macklemore (on SNL this...
I dug around some charts this morning and found this gem of a pattern. The bullish Wolfe Wave harmonic pattern. As you can see everything lines up perfectly. Fib lines meet just as they are supposed to, Wave 3 1.27 and Wave 5 1.618 fib. The channel is obviously bearish and all indicators suggest the bearish trend is coming to an end. It is possible however, to...
SLV is in a currently in a downtrend and below the 20MA but still within the long term channel 1 uptrend. If the short term trend continues, look for SLV to hit the bottom of channel 1. If SLV breaks channel 1 that would be bad news for the bulls
Triple bottoms are somewhat rare chart patterns. That makes sense because three peaks seldom line up like soldiers at attention. They have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank.
thepatternsite.com
The Triple Bottom Reversal is a bullish reversal pattern typically there are three equal lows...
I VIEW SILVER (SLV) as an attractive entry candidate on long side here. Back in October I saw that QE~ was unsuccessful at generating any new momentum in the price of silver and I felt it would undergo a correction.
Now that correction has lasted several months and the price has settled back down from the $33 level to the $29 area and I think the price will work...
Held the 61.8 Fib Retracement level
Options are very cheap for both gold and silver right now.
I may look at buying the Jan 30 Calls some more tomorrow.
Also the Jan 28.50 puts don't look bad either.
Disclaimer- I am long physical silver as well as Jan 2014 calls
I love and appreciate feedback!
At present we have SLV at the top of current channel.At this point I outlined 4 basic possibilities.If one day SLV closes
above the top channel then you can CLONE another channel and place it above.
We have a positive DIVERGENCE long signal in weekly in SLV. A official bullish long signal if price breaks above channel and or FISHER moves above mid point
