Wednesday, November 17, 2010

November 17, 2010

Update 11/18/2010, 7:43pm EST - Silver is getting close the the bullish trend on the intermediate term trend. $27.68 is the resistance level of the 61.8%. If it falls below the 23.6% would be $26.83 and the 38.2% is set at $26.48 and below the 38.2% of the entire intermediate trend shown on the photo below. This is using $25.00 as low and $27.40 as the high. Therefore making new highs above $27.40. My best guess is a move to $27.67, where it can then retrace back to $26.65.

The chart used below is the hourly finviz chart. The links to their charts for silver on the right hand side, which does need fixing up that is coming soon.

The Fibonacci Levels of $26.00 was taken out relatively quick. Because of this, what I would like to see happen is a pull back to the $26.00 area as support and then it can have its move to its next fibonacci level which is the $26.65 area. This is the 38.2% of the current sell off from the twenty-nine and one third dollar handle.

The head and shoulders pattern below was officially formed without a break of its neck line. Its right shoulder touched the neck line and found yet another support level. From failed moves can often bring fast moves to the opposite direction. Therefore this breakout from the $26.00 level will either work its way to the fib level or it will be a failed breakout with a fast move most likely to $25.50.

Silver has had two tests at the $25.00 level that I have been talking about. It has been consolidating through time over the last 24 hours or so. The trend lines shown on this video as well as fibonacci numbers are the levels I will be focusing on. On the longer term time frame this rally we have seen going from $18 to $29 could use some time to digest the gains for its next move higher. What I would like to see is Silver to range from $25 to $30 over the next few weeks. However, the market doesn't care what I want or like and thus adjusting to the message of the market is suggested.

If you have not entered the current silver contest from my latest Youtube video, please leave your comment to win three ounces of Canadian Maples.
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CURRENT PARTICIPANTS AS OF NOVEMBER 18, 2010 2:30PM EST. If you commented and your name is not on this list, please let me know. If you haven't commented, then please watch the video and enter a comment to enter.

1 comment:

  1. While at PNC bank I attempted to pay a debt with a 100 oz bar of silver. I was refused and told they would accept cash only. What's this say for the banks denial of reality, they're really holding am I, buying all I can