I concur with Sharpie here. I think we head to 23.38 at least from here. Volume has gotten lighter and lighter on the last few upswings. First chart shows the 23.38 price point and second chart shows a 21.98 price point. One other point of interest is that yesterday 07-21-2014 (Monday) was the 61.8% fib time ratio from when we started up on June 2nd. This is one of a few key fib numbers and so it would not surprise me if we started that trip down to the aforementioned price points.
Hey Sharpie, this is my late reply to your pre long weekend query asking if I had anything to add. Sorry about the delay,
The current wave ( 26.79 / 26.38 ) extends to 25.68 . . gap support 43 cents down about 4% if that is todays price target . . down .7 % now
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If we see $23.35, and I agree the gap fill may come about, then I will load up on short term calls as the spring back $26 plus minus should be swift.
lol, I wasn't nervous , the silver price this morning was, I just grit my teeth and get by. I agree prices higher next month. Monthly RSI on silver is 44.45, but MACD is near crossover .. expect 25.00 to be taken out in the fall. But still thinking 21.00 before the next run up. SLW upper range will be taken out and price won't run down to 20.00 again, thinking gapfill and a tiny bit . . .23.35 ish
Don't be nervous Sharpie. While the daily changes are hard to predict, the close next month will very likely be higher than the close last month.
all stocks trade within a range until they establish a new range then they trade within that range, without question SLW is definitely in an upturn
Sentiment: Strong Buy
Maybe for a year, as the stock was over $40 PPS in October 2013 and did not go below $30 until late first quarter 2014. I would characterize this recent 15 months as base building within the channel and when it breaks out of the channel, chances are much greater the move will be up rather than down given the turmoil you mention and mismanagement of our government and federal reserve.
Linear regression line supports the current price. I use a slow a stochastics indicator and it 's telling me we are going higher. It's anybody's guess where we are going today. Not sure how you get a strong sell but we'll see what happens.
Just look at the charts!
For the past several years SLW PPS have traded between $20.00 PPS and $27.00 PPS
When it reaches the low it reverses and trades higher to the top of the range.
The same holds true when the stock hits the high of the range and then drops to the bottom of the range.
SLW has now hit the top (just over $27.00 PPS) and will now continue down to the bottom of the range (around $20.00 PPS).
This is fact folks!!!
Even with all the turmoil in the world, especially the trouble with Russia, the stock price could not breach the high end of it's range.
If it cannot even break the top end of the range with everything pointing towards the stock going higher because of the Russian problem, without question SLW is definitely in a downturn!!!
Sentiment: Strong Sell
Last 9 days shows lower highs and higher lows for a few days, todays low was lower than yesterdays . . . triangle, with today being an spinning top candle . . . but today isn't finished! That daily RSI needs to stay above 50% for a up move, same as last night, today for SLW was a doji, but a bit of a hanging man doji.
I was just taking a quick glance at an hourly chart on finviz for silver. for the last five trading days there has been an up bias.
SLV gapped down and hasn't filled the gap, bias lower . . . . RSI on silver is not strong , below 50% on the 60 and 300 min, 53.12 on the daily chart. STOs on SLV indicate price rolling down . . . what do you see for a up bias ??
Since the drop last Monday, we have had a bias up, though we have a dollar to go to get even with March 2014 high. $22.00 may prove to be formidable resistance.