Sunday, July 31, 2011

Silver (SI) breaks into retracement channel 7/31

Silver's daily chart to the left, and as we can see over the last two weeks we have finally broken past the strong resistance formed right around 39 (shown in purple) by the 38% retracement of the march may meltdown. Now that we have gotten into this retracement channel between 39 and 43, I see it as a high possibility that we bounce here back up to at least 43. I think on a long term outlook, I would be looking to buy anything near 39 to play towards the topside of the channel.

1 comment:

  1. yr probably right but watch out for raids / downside price manipulation!