Hi fellows,
Silver is currently trading very strongly after the so-called breakout above the recent symmetrical triangle.
I know a picture's worth a thousand words, but I'm really without the patience to be posting charts here...so allow me to stick with just words :)
Today the SLV closed flat at 20.29 after trading between 20.26 and 20.51. The all time high on the SLV chart is yet positioned at 20.73! We only need some miserable 0.22 points to reach that high from March 2008. My guess is that this will be a tough battle for bulls, because after today's close we may see a sell signal for some profits booking. My trend follower will trigger a sell at 20.02 so be prepared for that...
From a medium term look, silver may trade higher for quite some time...right now the technicals "smell" really good for bulls :)
Monday, September 20, 2010
Sunday, September 12, 2010
Silver and EUR/USD
Hi fellows. Long time no see!
In the last few months I haven't been in the mood for blogging, but now I hope I'm back for good :)
Let's start with silver chart (as usual through the SLV ETF) and then comment the EUR/USD. This last one is very important for SLV traders from Europe, because its action can leverage or f*** our trades.
From 13th May's top silver started some kind of triangle pattern that lasted until the 24th of August. From then to now, silver (slv) broke on the upside and reached a new year high. In this week we were presented with a topping action that may lead to a slight correction of this last move.
Who thinks silver is safe now, think twice! There's a gap from 18.09 to 18.29 in the SLV chart and this tells me that more downside will come.
For the short term, I'm betting in a correction to the 18.94 line and then more upside may come (something like a 3-of-3 :P).
The EUR/USD is currently trading lower, but I see too many bears here that I'm waiting for more upside. This is bad for us, but I really think it will happen. Then we'll see if the downtrend will resume or if a new uptrend is right here.
Bye,
JAPO.
In the last few months I haven't been in the mood for blogging, but now I hope I'm back for good :)
Let's start with silver chart (as usual through the SLV ETF) and then comment the EUR/USD. This last one is very important for SLV traders from Europe, because its action can leverage or f*** our trades.
From 13th May's top silver started some kind of triangle pattern that lasted until the 24th of August. From then to now, silver (slv) broke on the upside and reached a new year high. In this week we were presented with a topping action that may lead to a slight correction of this last move.
Who thinks silver is safe now, think twice! There's a gap from 18.09 to 18.29 in the SLV chart and this tells me that more downside will come.
For the short term, I'm betting in a correction to the 18.94 line and then more upside may come (something like a 3-of-3 :P).
The EUR/USD is currently trading lower, but I see too many bears here that I'm waiting for more upside. This is bad for us, but I really think it will happen. Then we'll see if the downtrend will resume or if a new uptrend is right here.
Bye,
JAPO.
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