SLV trade ideas
$SLV @ Big ResistanceLong term downtrend is still intact but things get interesting above $17 for those looking to play bullishly.
SLV could catch a serious bid if it breaks this downtrend vs GLDSilver is so hated right now that it could have a big technical move. That won't happen until SLV starts outperforming GLD>
Fourth time the charm for Silver?Silver shot up to resistance several weeks back but dropped hard testing support. My expectation was that if silver once again failed to break out to a higher high, it could break out of the pennant and drop, building a bear channel.
It appears that silver is now set up for another three week test of the high. As the arrows point out, the last three times we had a similar setup, price failed. Forth time could be the charm. If not, might be the last chance to get out before much lower prices.
C wave Surfer! ride the Silver bullet!Silver is sporting the simplest of elliott wave patterns, the ABC and its at the starting gate of the C wave up.
Silver should close to double within the next year.
# BuySILVERSellCrypto
Needs to show hold and move upOtherwise break down to 14s. I think we'll see a break and move out of the descending triangle, but I could be wrong, watch the RSI trendline, MACD at 0.
Weekly showing range bound short termWeekly showing range bound short term with a little room to downside. Miners haven't shown gains yet with decreasing volatility in silver/gold and moving to positive FCF. Think we'll see miners catch up in the next 1-2 months with prices of precious metals which may stagnate and then it remains to be seen where this goes.
SLV NeutralShort term bullish but don't know which way by July/August. Long term trendline holding support, but 50 mma acting as strong resistance past several months, stuck in trading range until it is not. I think we'll see miners move up a bit to July, then not certain of movement. Too many factors
Silver SLV updateLike gold -0.14% also near decision point. Today's rise closed one gap. One small gap remains around 13.60. If get bearish candle formation here or break of current uptrend line will short. Process your way.
Trouble if we can't get above January high - SilverI had been anticipating a three month test of the high in silver this month. The sudden move up adds to the drama as we are still early in the month. A failure to make progress here and price could fall to 13 or even under 10!
04-18 SLV ChartSo we need to know the next floor for Silver on the elevator. I'll give you the next 2 floors.
I'm surprised this is taking half a century.
04-18 SLV ChartCup and Handle formation X 35 years. I think Silver could go to $162. .. before 2035 comes.
SLV June 16 Covered CallBought two lots of SLV at 15.74 and sold June 16 calls for 38 ea (45 delta strike). The IV was >20% today.
The position break even is reduced to 15.36 with a 4% max profit on the break even cost.
At 60 days to expiry, this yields 25% at an annualized rate.
Ideally the cost basis on the position can be further reduced after June with additional calls sold against the position in the months ahead. Thinkorswim analysis shows 60% probability of some profit.
Precious metals don't yield, but covered calls can be used to generate income against an existing ETF position.
Silver has been trading in an increasingly narrow range for the past year, and may continue to do so for some time yet.
SLV 6 point breakout After a bullish divergence (blue lines) AMEX:SLV has looked strong and looks to be breaking out today of a smaller congestion pattern. Near side resistance at $15.95 and $16.05
Silver will Whip Lash Soon! Gold nearing it's Inverse H and S BREAK OUT and Dollar is nearing completion of Bear Flag. Enjoy the Ride. Big money to be made here!
GOLD READY TO SURGE ? NOT JUST YET (PART 4 OF 5 - SILVER)Silver-is an industrial metal, so it will do well in a good economy.
Silver-is also similar to gold-for world tension in geo-political events.
If gold-is to surge, silver-usually will also.
Yet the chart for silver- does not indicate an imminent rally,
GLD & SLV trend divergenceIn early 2017 GLD and SLV trends began to diverge. Gold and silver usually track closely but with silver being more volatile and quirky than gold. This might make SLV a better buy if we're going to see a PM rise (given more room to rise), as some are predicting (eg, Sachs turns bullish on gold for the first time in 5 years).
Silver on the Buy Watch list a MUST
Sitting at mid term support, showing long term trend line just below here. Start accumulation but know the trend line is in play and the better spot to FULL load. Don't let this opp pass you buy. I usually hate silver, but she's showing signs of real potential. JPM loading another 1.2m ounces this week, why cause they expect it lower in time?
