Silver Uptrend Continues
The chart is rising and silver is looking to breakout of it's range. The SLV high on May 13 was $19.44. Today the intraday high has managed to get to $19.25. At some point a correction testing support will come into play, and as of now it is unclear when this will be. The trend is clearly higher and some key support levels are shown on this chart if it manages to happen soon. Fibonacci will be a key level as well as some key VWAPS and moving averages. The green moving average on this chart is the five day and it is rising nicely and has yet to have been tested as support since this short term bull market has begun. It has been a 10% gain from the bottom and just because 10% seems like it might be up too much in the short period of time, there really is no such thing as up to much until it actually is up too much. With that being said, this means that it could very easily go up another 10% or any other amount before it has some retracement either through time or through price. If it does go higher, watch to see if the lower fibonacci line will match the previous key resistance at $18.25. To find out the calculation for this for the bottom of $17.06 we can use the following algebra formula
A x 0.382 + 17.06 = $18.25
A x 0.382 = 18.25 - 17.06
0.382a = 1.19
a = 3.12
Therefore the difference would be $3.12 if that area of $18.25 becomes the 38.2% level which means from the bottom of $17.06, this would translate to $20.18 SLV or around $20.75 on the silver comex.
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