Friday, August 13, 2010

August 13, 2010

Chart Update 12:42pm EST - Choppy intra day action. On this HOURLY chart from Finviz $17.96 has been support which was resistance on August 12. The most recent high on this chart is $18.175 and the low is $17.80 which is a difference of 37.5 cents. Therefore the fibonacci math consists of .375x.382+17.80 which gives us a price objective for $17.945. This area now becomes a big level.

Using Fibonacci Upside, the best range I found was from $17.975 and $18.15 we can get the 161.8% target for $18.4625 on a breakout.

Chart Update 10:35am EST- Silver is currently trading at $18.04. If we take the value of the early morning highs of $18.18 and the 9AM lows of $17.97 gives us a difference of 21 cents. 0.21x0.618+17.97 = $18.10. This level was taken down which is telling me this sell of this morning might be a failed move. The new fibonacci we can calculate is the difference of $18.14 and $17.97 or 0.17x0.382+17.97. This means $18.03 or $18.04 is the area this needs to hold. This is where we are now and if this does not find a level of support, I would expect another test of $17.80

Economy Teeters On The Brink and Market Manipulation Continues
Business as usual in America, deception abounds on Wall Street, more borrowed money created out of thin air, Fed may change tactics to force banks to lend,Gold clearly manipulated down every expiration day, and no jail time for anyone yet at Goldman Sachs, Citigroup, or Berkshire Hathaway, market manipulation continues as economy teeters on the brink.

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