SLV trade ideas
CCI Divergence and Liquidation VolumeGLD and TLT led ETF redemptions in the previous 7 days indicating a shift away from defensive sentiment. SLV played catch up in July-Aug, ripping to 27.39.
Among the price/volume family of indicators, CCI showed the most dramatic price divergence. CCI cooled down from 401 to 124.90 while price rose 25% in the same time frame.
Using anchored VWAP from July 16th, prior to the face ripping rally, we can see that the average holder from that point in time is in the money, and the VWAP is behaving like support. From last week's blowoff top, Anchored VWAP is behaving as resistance.
This week 's price channel is almost double in volume vs last week. This is a hands off moment to spectate the consolidation for rally participants who cleared their positions in the money recently. I am looking for a bigger pullback, otherwise I would rather trade other asset classes.
Pullbacks are normal.... SLV Still strongXAGUSD SLV
Still a great time to add and average...
Long and slow growth will have short swift climbs then long slow sideways consolidations.
$30 by Oct. 2020
$45 2021
$90 2022
$200 2024
SLV bounce from 23!Here we can see the MACD beginning to turnover. After SLV, as well as GLD, tanked this week, it found support on the line marked in the chart. As long as it doesn't break through that line of support I think we'll see some upward movement in SLV
$SLV IShares Silver Trust $22.30 target
The inevitable selloff arrived and it looks like it may have some more room to fall.
We see $22.30 as a possible level of support which may be temporary.
Lots of inexperienced traders FOMO'd into this so weak hands all the way up from the mid teens.
Multiple gaps are also negative, so caution needed and avoid a falling knife
SLV is presenting a buying opportunityTechnically while I am long SLV in the big picture I think there may a little but of downside left to complete a healthy retracement. The tool I've used here depends on identifying divergence (in this case MFI but RSI is fine as well), you then measure the duration of that divergence, and lastly project it (duration) off the price low (as this is bearish divergence) within the period the divergence was identified. The notion is that this is the average time it will take for that low to be tested. What this means is that we *may* see a low in SLV on 8/14 and the general price range I'm looking for is 21.4 - 20.84 (prior low and pivot point) with a .618 retracement of the massive rally falling in that range. If the .618 retracement doesn't hold I will then look at the .5 mark visible on the graph. Please ask if you have any questions.
SLV support levels - OpportunitySLV currently sitting at strong support from 2011, 2012, 2013, with a big gap down to next major support level at $23-ish.
As long as Fed keeps promising to print money and dollar continues to look weak in the long term, I am loading up here. This pullback is very bullish and much needed, shaking out the weaker players.
SLV This WeekBreaking down some of the intraday patterns here in SLV. RSI well overbought based on historical numbers. We also have a GAP to fill as seen in the previous burst. The $25.25 target also lines up with a 50% Fibonacci retracement point. Disclosure, I'm short SLV for this week.
SLV Bull Season - USD is WEAKThis chart illustrates the classic principle of "store-of-value". As the Fed has initiated unprecedented QE, the strength of the dollar has inevitably plummeted, inflating the value of precious metals and other stores of value. Now is a critical moment for this chart, as we can clearly see the dollar in a descending channel, with SLV (and GLD) rising steadily. If the government can manage to bounce the dollar, SLV will tumble, but I think we can anticipate steady growth over the next two months.
SLV buy SL 10.3i use renko and fibs on daily chart and get signals ~ 10 times per year and my long term prognosis that it will go up. Use SL and trailing stop with distance to SL.
SLV DIP BUY OPP / LONG HOLD /The historic Gold to Silver ratio is 47:1
with Silver at $29/oz that puts the ratio at 71:1 (55% undervalued)
At the current levels of Gold, Silver should be $45 per ounce
Add on all dips. Next dip buy 24.5-25
Crazy good store of value that has massive upside.
-k
$SLV IShares Silver Resistance Points To considerThe move is hard to explain and is getting into the parabolic/fomo phase, strong historical resistance is now in play so be careful.
SLV - Last TimeLast time silver moved like this was in 2010. While one can look for 30, like last time, before any pullback, One has to just sit back and let this puppy run. Everything else is at the highs, why not silver?
SLV gap filled today. Resistance levels to followWe are at 25.05 close today, just shy of yesterdays close. After gap fill we had minor pullback and return to near hod indicating bears could not follow through.
Now just need confirmed breakout above $25.17 before next res level of 27.75
Then the following res leveled to ATH
28.83 / 30 / 31.40 / 32.55 / 34 / 36 / 38.20 / 42 / 48.35 ATH
(some of the res levels are stronger than others, a couple are fairly major. )
