Loading ...Bullish Rebuttal to NS “uber” bearish CCI Silver Chart…
Not that a good correction would be fun… but I actually have it about 54% chance we get at least another higher monthly close in September.
I didn’t even discount being above an inclining 12 month sma.. or other bullish evidence to render the battle field more “fair”.
Your turn Northstar! But I think it’s CHECK-MATE !!! ahahahahha
To be fair… we are approaching an important correction… but my point is it might not be quite here… yet.
Your chart shows a moving average at very approximately 18.5 – 19.0. There is horizontal support/resistance around there (and in my mind possibly thus attraction as well).
In the current era I believe no investment to be readily predictable in a sane fashion, and especially not silver. Moreover in glancing at charts of different time frames I feel nothing would surprise me, including a rapid advance within weeks to 50/oz and even above.
But wouldn’t a reasonably likely possibility on the basis of your chart to be that within the coming month or two, beginning even the rest of this week, silver quickly works its way down to around 19 or a bit below, back to around that convex-downward curve from which it has recently spiked?
Since it’s based on monthly close… hard to tell this week or next. I think what this chart tells me is that Sept can close higher OR lower! Oh boy.. think I just said some nonsense….
The battle of the titans.
Agree with your analysis Patrick. It does sometimes close higher after the CCI peak. I’m going to look at it from yet another angle later on today.