Monday, July 4, 2011

Silver to Move a Bit Higher Before Next Selling Opportunity. 8:30 PM CST 7/4

(Chart 1 - Silver 60 min Zoom )
(Chart 2 - Silver 60 min)
(Chart 3 - Silver Daily Zoom)
(Chart 4 - Silver Daily)

Lots of charts. Lets get to it!

60 min silver shows that 33.80 will be a strong place to buy for the immediate term.
It is the top of the current lower trading range (33.40-33.77), as well as the deep 62% fib of the most recent up move (33.80).

Should this buy zone be violated in the next few days, 32.80 should provide very strong initial support

Any run up into the upper trading range (34.97-35.34), should be met with strong selling, as in a few days, it will also coincide with the top of the governing bearish channel (magenta on all charts)

Right now we are in the middle of the channel. "Master the Markets" VSA(volume spread analysis) says that the bottom quarter of a channel means it is oversold and the top quarter is overbought. I would like to see it more overbought/sold near probable support/resistance before I take any serious position. (p.s. if you aren't familiar with that book "Master the Markets," pick it up... highly advised for any trader)

No comments:

Post a Comment