My trend follower turned again into buy mode for the SLV chart. Remember the last sell at the 16.65? Well..this time you would'nt have needed to sell it. A new refreshed buy call was generated today right at the openning of the trading session (at 16.94). This means that one bought the shares at a higher level than they were sold. It happens..and I think it's still better to follow the system, because even though this time it wen't in the wrong way, when it goes in the right one it is pretty much worthwhile!
Now the chart:
The way I see it, this new buy trend has it's legs to climb up the walls of worry again. And this is because there's a new stochastic oscillator buy cross, still no negative divergence in the RSI, today's volume is OK and, finally, the MACD is almost in a bull cross.
However, nothing is still resolved and I'll be monitoring the 17.31 level in order to check if new highs are possible in the short term. I also don't like today's openning gap because...well...because it's a gap!
The new trend follower stop loss is positioned at the 16.55 level, which is a confortable value for buyers, so let's monitor this value too.
One funny thing about today's candle is that it is a perfect doji bar...completely symmetric...
Tomorrow we'll probably see some downside because the shorter term indicators are very overbought, especially the 30-minute one.
Hope I helped you with this post.
JAPO.
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