SLV - A Little More Upside PossibleLast week I was looking for a test of the 14.80 recent high mark and still am however looking at different views, I see a possible move up to the 20-week moving average based on the following observations.
SLV appears to be in an A-B-C corrective phase with the A wave running from 17.28 down to 11.62 in three obvious waves.
SLV had some trouble on Friday staying around 14.60 and dropped down to 14.44 to close the week. The 50% retracement of the A wave is right here at 14.45. Perhaps not a bad place to sell. But it's possible that the current B wave up structure might run up to the .618 Fibonacci retracement level and that could also be meeting with a declining 20 week moving average.
The wave structure for the current B wave move shows 3 small waves up from the March 16 low to a minor a wave at 14.34 on April 6. Next came 3 small waves down to 13.92 on April 27. Thus far, we have but 1 wave up. If this B wave goes 3-3-3, then we could expect a small drop back and then a final move up to complete the B wave.
An interesting article explained how physical silver could be selling for around $10 premium while paper silver declines. I linked it below.
SLV trade ideas
SLV - Looking for possible topLooking at a weekly view, SLV might test the 14.80 level (and fail as always). Looking for a move down to 12 or lower by the end of June. Long my LEAPS and physicals but have been selling options a week or two out on every little pop. It's been paying off as SLV has been dead lately. Will sell June 19 $11 calls if we get up to 14.80
SLV - still something to prove!On a monthly chart SLV is holding critical support with some optimism as the economy opens. Not sure, but to me it looks like something is brewing. Downside or upside break? It's still in a long downtrend but holding support. MACD getting smoother and RSI looking favorable for a move to the upside. Large monthly red liquidity spikes should be followed by some green buying as markets open and things move toward some type of normalcy. I would expect SLV to get back to its pre-coronavirus price soon. Again, the GLD/SLV ratio is still historically very high and the chart there looks like the ratio wants to fall. My two cents on SLV.
WANT TO TRIPLE YOUR MONEY WITH SILVER? HERE IS THE LOCATION...Hello everybody,
I am seeing a huge opportunity for Silver bugs. It looks a lot like a silence before the storm for the upside. If Gold ends up going ATH, i think there will be more money moving into commodities such as silver as well. I believe this may be the Altcoin idea you have been waiting for. It almost looks like 2017 Ethereum buying opportunity.
DO YOU OWN RESEARCH. IF BULL IS ON, WE WILL BREAK THESE RESISTANCE. ALWAYS HAVE STOPS. DONT BET MORE THAN 5%. PLAY FROM A POSITION OF STRENGTH.
Best wishes
Sincerily
Bo Bugra Sukas
SLV - what's next?SLV traded down to $10.86 last month. It had not seen those levels in more than 11 years. After making a high of $48.65 in 2011, SLV ultimately traded down to $13.04 in December 2015 (orange support line). A rally attempt in the first half of 2016 to take out the downtrend line from 2014 (orange resistance line) failed and the $13.04 low was successively tested twice in late 2018 before SLV tried to again attack the downtrend line from 2014. Ultimately this orange triangle failed with the coronavirus events and the $13.04 low gave way. Volume spiked at the low and is much higher than the sell off that preceded the 2008-2009 sell off. MACD and RSI made lows not seen in many many years. As a result of this sell off the gold/silver ratio spiked to all time highs by a long shot. It still remains extremely elevated at 111 as gold has made it back to its highs pre coronavirus. I expect that SLV will make up this underperformance in the near term. MACD and RSI favorable. We are at about a 50% retracement from the recent low to its high immediately preceding the sell off. This should correct sooner rather than later.