It looked like a pretty choppy day but we had only 8 points swing in the end. Market continues to be incredible bullish on long term time frame but on short term it may decline a little bit more. There is a small, 3-days long "rising wedge" on hourly chart, a bearish pattern, but I don't want to make a big deal about because the pattern is absent on daily chart. For the intermediate time frame it doesn't have any significance. I try not to put too much "weight" on these patterns since they are not as reliable as EMAs crossing.
SMA 120 (1257) remains the main support level in my opinion and 1300-1320 a decent resistance level. In between there are other potential support levels, SMA 50, SMA 200, November high...
Dollar is rising again sending commodities lower. Dollar almost gave a "sell" signal, remember the time when I optimized EMA15 -EMA30 pair for this ETF with SMA70 as a confirmation (daily chart). Well, the EMAs did touch but no crossing.
Daily DMI for silver has turned slightly negative for the first time in 4 months but the weekly DMI is still very bullish. Silver was probably the best performing precious metal this year.
No comments:
Post a Comment
Thank you for your feed-back