Speaking of Silver
Monthly Silver
Has been riding below the down sloping 50 sma for a while now
No bananas until it takes out this overhead resistance
Now turning our attention to the Head and Shoulders Pattern
If that breaks down the PO is…..
Ah nevermind !
That’s a great chart. Something tells me that if it closes above that 50MA, its going to be an explosive move.
Yes IF…but I don’t see a bottoming pattern here …do you ?
Even a solid bounce with over a year or more of sustained upside could merely be building out more of the RS and creating more symmetry in the process.
We got lucky a year ago, mid July. My mom had just died, my older brother was visiting for a week, we decided to take her diamond ring out to a very large jewelry seller/buyer to see what it was worth. My wife decided it was time to sell the sterling flatware set she had been holding onto for so many years, from a previous marriage. We sold at the top of the last rally. I wondered at the time if it would go higher. (My opinion at the time was we would not see $20+ silver for a very long time!) So far, no. Sold on Thursday, July 14, 2016 about as close to the peak as one can get. I feel for the store. I know they have a very large margin built in, but still…
In my opinion the 2011 downtrend line drops down OVER the 2016 highs, but crosses UNDER the 2017 candles, and those 2017 candles backtested the line a few times thus far. Of course price could backtest again which would take silver down between 15 and 14, which would be very painful. Lower BB sits at 15.18 for now, hopefully it doesnt get expanded downward.
? lol