Saturday, November 20, 2010

November 20, 2010

Silver Fibonacci is roughly $27 and two thirds. This is the 61.8% from the lows and highs. Ironically enough the price history shows us that there was not much memory at this level. It means that the odds we find resistance is decent at this level and if we do the moves should transform back to the wild stage both up and down in that level. If people are not selling silver, then the odds would for the shoot higher. Remember, its always wise to adjust the message of the market, because markets can turn on a silver dime.

Silver closed this week at over $27 USD and the trend on the intermediate term is now moving to the bullish side. If you are hoping for another pull back to buy cheaper then it looks like you may have missed out on two pullbacks. They were the move from $25 to $23 and the last one from $29 to $25. For if the next intermediate term bull market is to make it to $33 per ounce, then the pullback might be at $29.00 later on. The bullish sentiment is there on all the other longer term charts.

Technical Analysis Video

Annie Pattison "Awful Lies" Silver Video

No comments:

Post a Comment