Silver Charting and Silver TA Chat

I am sure we all are now looking at that sloping resistance above. Hope that Fib 50% retracement/extension plays out.

5568_sloping_resistance.png
 
Here is the daily view of support breakdown. As our honorary Wrcmad would say... "several days in the making"

You have to give it to them. It was a bloody good trap. Who would not go long with another round of QE?.....plenty of long's stops to harvest.

It looks like anything goes.

5568_daily_smack_down.png
 
Well, they got me. All my profits in the last month (which were pretty damn sweet) wiped out in one go and I'm back to where I was in early Nov.

Bernanke announces more counterfeiting and people sell PM's. Crazy world. Why do I feel like I'm playing at a casino where the house always wins?
 
SS said:
I am sure we all are now looking at that sloping resistance above. Hope that Fib 50% retracement/extension plays out.

5568_sloping_resistance.png
Click to expand...

I was noticing a nice cup and handle formation there since October. Usually indicates and up move.
 
[imgz=http://forums.silverstackers.com/uploads/6806_pos201212.jpg]
6806_pos201212.jpg
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The daily price of silver since Feb '09. The blue line is the primary support trend line. The dark yellow line is the 200-day moving average. The price is coming down to test again support at the yellow line, around $31. If that breaks the next target is $29.68.
 
reggie said:
The daily price of silver since Feb '09. The blue line is the primary support trend line. The dark yellow line is the 200-day moving average. The price is coming down to test again support at the yellow line, around $31. If that breaks the next target is $29.68.
Click to expand...

How do you get next support of $29.68 if the 200MA is breached?
 
SS said:
How do you get next support of $29.68 if the 200MA is breached?
Click to expand...

I'm guessing this support is based on the June high.

But I think if we bust the Nov low, we will see $28, and quite possibly $26 again.
 
Ernster said:
Personally I feel we won't drop any lower than $30.50.

Buy buy buy the dip :)
Click to expand...

I hope we're both right, I've been buy buy buying the dip until it hurts :lol:

30.59......... :o
 
Yep I was wrong and very surprised.

Will we see $2X silver? TBH I thought that opportunity was gone for good back in July/Aug...maybe not! :)
 
dunno Ernst, I was stopped out of my longs however my phiz orders are still intact at least :lol:

RSI on 15 min chart currently at 14 and 27 on daily - getting a fair whacking tonight
 
SS said:
reggie said:
The daily price of silver since Feb '09. The blue line is the primary support trend line. The dark yellow line is the 200-day moving average. The price is coming down to test again support at the yellow line, around $31. If that breaks the next target is $29.68.
Click to expand...

How do you get next support of $29.68 if the 200MA is breached?
Click to expand...

Target, not support. It is a simple Fib extension of the previous downward move. Now that we've reached that target I can see a bounce coming. Support is still at the blue line.
 
Silver has retraced 23.6% of the fall and gold 38.2% meaning the GSR has gone up. Until the GSR goes down substantially (under 54) I will continue to short... this year at least
 
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