Possible Cup and Handle continuation pattern printing for SLVPossible Cup and Handle continuation pattern printing for SLV. More pronounced and confirmed on XAGUSD. We'll see if it plays out especially with Fed speak later today.
SLV trade ideas
Silver stopped to take a breath This silver ETF had an awesome couple of weeks.
The chart seems to show that it needs to take some air before continuing the race.
Mid-long term, it seems to be a clear buy.
Time for a pirate adventure!Ever dream of being part of a swashbuckling pirate adventure in the search for the 'X' on the map? I have an inkling that this year marks the day where we could get lucky. I've marked the initial 'X' on this map but there could be much greater treasures to find for the courageous. Look to the traditional treasures this year, silver, gold, miner's and a fortune might be found. Trade safe.
(On a technical note, observe silver's explosion in volume and RSI strength. It appears to be at least a weekly candle degree move to this pirate, possibly even monthly).
Throwback and ignitionI expect this to happen.
Would be textbook behavior.
It might go higher before executing the throwback, but probably not much.
SLV WAIT FOR CONFIRM SHORT OR LONG POSSIBLESLV false breakout or sideways pattern possibility, wait 2 days. This could be a false breakout, making a SHORT possible in the next 2 days, based on the Intermediate Resistance turned Support level at 15.20(BLUE), based on 4 hits. Otherwise it indicates a LONG toward the next resistance level at 15.90(YELLOW), based on a sideways pattern occurring from Feb `18 to Jun `18 until it broke out. In the case of SHORT watch for Support level 14.80(ORANGE) based on 3 previous hits, and a lower return back to the 1-year major trend-line (WHITE). Shorting possibly all the way down to 14.05.
Long-term SLV breakoutI've only just noticed this because I'm an idiot, but Silver broke out above a long-term overhead resistance! Of course it is getting a little over extended and a healthy correction is needed, but the subtext of this breakout means a lot for the long-term direction of this precious metal.
Still inOMG. Silver is on fire.
Volumen confirming.
If this continues tomorrow, 15.10 is gonna become support.
Silver Leading GoldEven I have been shocked by SLV's moves lately. I was caught completely unprepared for it which is fine because it makes a signficant part of my portfolio anyway. Its both industrial and precious, but what is peaking my interest now is that SLV might be leading GLD which is bullish for precious metals anyway. In a bull market SLV will eventually take the lead. Is the beginning of it (unlikely in fact), but it is a concept to keep in mind as it works it's way to the upper resistance.
SLV - Not to be outdone by Gold, Silver making moves of its ownLooking at Silver's weekly chart, it has finally cleared the overhead resistance that's been keeping it down for years. I think long dormant bulls came to life with the Fed's recently stated intention to raise inflation (yes, as backwards as that sounds, that is what was said). Rising inflation = weaker dollar = stronger precious metals. Silver tends to be more volatile than Gold so if this is the bottom with the bulls ready to take the reins, I think this is a great spot for a long position. I will be curious to see how quickly the price action moves past the dotted white line. It has been a strong support area, so it may prove to be an equally strong resistance area. Regardless, I like what I see with Silver and I'm buying the breakout.
The SLV Lining of Monetary IdiocyHey everyone. The poor man’s gold looks like the deal of the decade at the moment. I know we’re all in a hurry to pick out Lambo interiors during the upcoming LTC and BTC halving cycles, but don’t miss out on this.
Top chart:
+408% move in the 2009-11 bull market followed by a 72% correction. Sounds eerily familiar, right? More mature asset + more mechanisms by which to suppress price = longer cycles. Markets win on a long enough timeline and price will be discovered when value is realized. No telling if the bottom is in, but it’s just a hair away from 2016 lows and a few bucks off of 2008 prices. Risk seems to the upside.
Bottom chart:
1:92.8 gold/silver ratio. This chart goes back to September, 1997 if stretched all the way out. Never been this high and hasn’t spent more than several weeks above 1:80 until late last fall. Maybe nobody wants silver anymore. Like…ever, ever again. Not for redeemable silver certificates…mobile electronics…electric vehicles…batteries…solar cells…antimicrobial properties…something to soak up the next round of cheap money and QE…idk.
Not financial advice…do your due diligence. But don’t say nobody told ya.
$SLV Short Straddle OpportunityRight now one of the few places to find high IV across the market is in precious metals - gold, silver, and their corresponding miners. I'm still currently short IV and technically Delta short in $GDXJ, but I think IV will join the market overall and will fall in this sector over the coming weeks. The AUG-23 14 Short Straddle on $SLV has breakevens above recent highs and below recent lows, making it an attractive neutral trade.
Bull Flag in SilverIt would be nice if the less valuable (retarded half-brother) of gold enjoyed some of his recent success, but for the last while Silver has always been playing catch up or stalled all-together. Right now both precious metals are caught in bull flags, and as always they can go either way but a clear close above the upper resistance would be a big move for silver.
SLV SHORT based on Support + Long-Term TrendISHARES SILVER TRUST Possible SHORT over the long-term coming up. Wait for confirmation signal of breakthrough at 14.10 in the short-term. Otherwise, LONG until 14.53 at least when waiting for the reversal. Ones the (YELLOW) trend-line, supporting the LL on 24 May `19 and 02 Jul `19, is broken go SHORT(33%) until the 1st TARGET(RED) is hit at 14.18. Continuing SHORT(66%) to the 2nd TARGET(ORANGE) at 14.04. Ones that is broken watch the SHORT(100%) possibly until 3rd TARGET(GREEN) at 13.50. This is a strong support-level to be broken based on the hits in the past, Aug `18, Oct `18, Nov `18, May `19 and Jun `19. If this would break expect a continuation until trend-line (WHITE), followed by a reversal in a LONG position., based on long-term support in Dec `15, Jan `16, Sep `18 and Nov `18.
SLV - Is that all you've got?As the goldsilver ratio hits stratospheric levels in the 90s, SLV languishes, bumping up against resistance. Owners of the "poor man's gold" seem destined to be poor for yet a while longer.
SLV LongSilver has broken out of a multiyear descending triangle pattern to the upside. Typically a descending triangle is a bearish pattern so for it to be foiled and having gone to the upside is extra bullish. Moreover, silver entered a bullish falling wedge pattern right after, back-tested the initial triangle's resistance-turned-support and continued upwards. There is likely going to be some consolidation/corrected in the very short term but as far as long term is concerned, silver has only up to go. Silver is also trading at roughly 93:1 compared to gold. This ratio has been proven to be a bottoming signal for silver before in the 90s before it corrects to a ratio of roughly 40:1.
