Looks like the break-out has been denied, the daily candle did not confirm the break-out and closed back above the pennant's support. A run now up to the top of the pennant, perhaps?
What? You mean right after JPMorgue have acquired a total holding of 2.35M ounces of REAL PHYSICAL SILVER?!?! (Sorry, I had to larf... *sniggers*) VRS x
Very good point But who knows what these guys are capable of. They always keep you guessing don't they?
rick_au: Nice site there, selling physical silver and gold near spot price. thatguy: I can't seem to find the silver dragons selling for near $1000 at the sites that you provided, do you have the direct link to the pages? Am considering using the site as well as the one rick recommended to accumulate silver in the future.
Update on the Silver Pennant today, note that I have circled all the Hammers that have formed at the bottom of the pennant. Hammers are usually a sign that Sellers first tried to sell down the price but are being denied by buyers who push up the price. A lot of Buyers (probably like you and me ... and of course some 'big boys') buying on every dip. Encouraging signs for the Bulls.
As a side note, the AUD/USD is also at an important trend-line resistance point now, the next daily candle, depending whether it breaks the resistance or rebounds off it, will decide its next course. I look at the AUD/USD only because it seems to have quite a bearing on the value of silver for us Aussies... the recent strengthening of the AUD has really muted the gains in silver.
That is often true for a single hammer - multiple hammers usually indicate the opposite. Couple days before the collapse I suggested that we were about to have a major wave 3 down. http://forums.silverstackers.com/topic-15252-how-low-will-she-go-page-2.html We should currently be in a minor 4th wave up, next comes the 5th - down further.
SilverSale, may I know why do multiple hammers at a support line indicate the opposite? I always thought that many hammers indicate that Buyers are stubborn and not willing to relinquish the support line.
Multiple hammers (with minimal after-bounce) a good sign it is trying to break through, taking longer than usual. Don't rely too much on candlestick tails - joining two tails together does not equal a trend.
