To the left is an hourly chart of Silver, and there is quite a bit drawn on here. First we have the retracement (in yellow) from its peak in late may (@38.845) to its recent low (@34.4) and you can see we have broken into the first level (@36.098) . Secondly we have the retracement (in green) from the sell off just recently in mid june going to its ultimate lows, you can see we have broken all the way above this retracement and are still holding the 50% line at 36.137. I've also placed a linear regression channel (in purple) of this recent up move. It looks like we are headed towards a lot of support around 36.1, and with us in this purple uptrend channel I feel this could be a good short term buy up to the upper 36 to 37 level. I will be looking for a hammer or engulfing pattern off that level for an entry tomorrow.
After todays plunge do you see 34.4 as hard resistance and if through that then how far do you think it will go.
ReplyDeleteI ended up holding my puts yesterday. Made back some money lost the past couple of days but now wondering how low can silver go. Definitely want to keep some profits.
I have 35.40 as resistance here and 34.375 as support
ReplyDeletegood hold on those.
Thanks. would be much happier if this continues for a couple of days.
ReplyDeleteIs there a channel forming where the upper channel line starts at 38.84 to yesterdays high 36.23 and the lower channel is at 35 and then 34.5?