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Silver 4Hr Uptrend ChannelMy fundamentals and technical analysis suggest the Silver is on an uptrend channel. Gold-Silver-Ratio indicates a strong dislocation in the precious metal market. Silver bounced back from 11.6 to 16.11 (at the 0.618 Fibonacci retracement line). Using a Pitchfork, I drew the upward trend crossing through the middle of multiples tops and lows since the 18 March (the pitchfork trend limits also match the Fibonacci Fan lines, but I did not draw it for the avoidance of confusion). Finally, there is strong support at 15 but it breaks the upward trend. My options are: A) To wait for a retrace to 15.4 and going long with SL at 15 and TP at 17.65. B) to wait for the next wave: Silver strength continues to the 16.3 and retraced to the pitchfork lower band of 15.8 before the next big move to the 18.2. Any comment?
COMEX:SI1!Long
by QuantVox
BULLISH TRIDENTWeakening in the short-term, stronger in the long-run. In the scenario of a lower crude oil inventory and Opec and Russian Crude Oil Export cuts, we identify a trading opportunity for a long-term position. Brent crude oil could move back to the moving average levels of $53/bl to then reassume a bullish pattern. The crude oil market continues oversupplied just three weeks after the OPEC meeting where members countries agree to reduce production by 1.2 million barrels per day in January 2017 subject to a commitment from Russia to cut production. Since then, it appears that Saudi Arabia and Russia continue producing at records levels whilst US inventories continue being a hot indicator for traders and investors. On Tuesday, December 19, the American Petroleum Institute’s (API) weekly report indicated a substantial draw in the US crude oil commercial stock levels. Today the U.S. Energy Information Administration (EIA) on its weekly petroleum report surprises the market with an increase of 2.25 million barrels. Regardless of the inventory level, the market seems to seek an upward trend. However, different indicators suggest a short trade with the crude oil weakening to levels close to the moving average where triple tops test a relevant price level. In the long-term, we see crude oil price to bounce back and resume the channel drew by the trident.
CLong
by QuantVox
BULLISH TRIDENTWeakening in the short-term, stronger in the long-run. In the scenario of a lower crude oil inventory and Opec and Russian Crude Oil Export cuts, we identify a trading opportunity for a long-term position. Brent crude oil could move back to the moving average levels of $53/bl to then reassume a bullish pattern. The crude oil market continues oversupplied just three weeks after the OPEC meeting where members countries agree to reduce production by 1.2 million barrels per day in January 2017 subject to a commitment from Russia to cut production. Since then, it appears that Saudi Arabia and Russia continue producing at records levels whilst US inventories continue being a hot indicator for traders and investors. On Tuesday, December 19, the American Petroleum Institute’s (API) weekly report indicated a substantial draw in the US crude oil commercial stock levels. Today the U.S. Energy Information Administration (EIA) on its weekly petroleum report surprises the market with an increase of 2.25 million barrels. Regardless of the inventory level, the market seems to seek an upward trend. However, different indicators suggest a short trade with the crude oil weakening to levels close to the moving average where triple tops test a relevant price level. In the long-term, we see crude oil price to bounce back and resume the channel drew by the trident.
CLong
by QuantVox
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