iShares Silver TrustUpdated SLV eyes on $29.48: first/best of 3 possible supports for longs
This is in conjunction with my big picture Silver chart (click).
SLV has had a significant pullback that may be done.
Ended last week dancing on a pretty serious support.
Ideally this is bottom, or should at least bounce a bit.
$ 29.37 - 29.48 is the immediate and best support
$ 28.83 - 28.89 is the next and moderate support.
$ 28.37 - 28.40 should be strong and is CRITICAL.
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SLV has had a significant pullback that may be done.
Ended last week dancing on a pretty serious support.
Ideally this is bottom, or should at least bounce a bit.
$ 29.37 - 29.48 is the immediate and best support
$ 28.83 - 28.89 is the next and moderate support.
$ 28.37 - 28.40 should be strong and is CRITICAL.
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Trade closed: target reached
POP! Scalp target hit.Perfect bounce to dashed (Covid) fib at $29.96.
(yellow shaded area is from posting time).
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Zoom in (m5)
Perfect Fib-to-Fib bounce (a Genesis to a Covid)
That covid fib is sister to our Golden topper:
That "Ping" on Golden sister said watch the others.
So when our longs hit sister fib, was a good exit.
Such scalps are best for trading with options (calls).
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It is day before the US elections so exit and wait.
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Note
PLUNKTrump win dropped it through 3 supports.
BUT, the red 11.089 at $28.10 caught it.
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Zoom in (m15) with some notes
$ 28.37-28.40 would be nice to hold.
We now have two resistances above.
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We may have a "bottom", but if not:
$ 27.26-27.32 is a "Semi-Major" support to hold.
$ 25.83-26.05 is "Bulls' Last Stand", much Doom below.
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SUMMARY:
- Trump win was not good for metals.
- Hopefully we have a temporary bottom.
- If not, we have two more supports to watch.
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the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.