The silver volume action is clearly beginning to tighten since last July and while I would not recommend doing strict TA on the OBV with EMAS its clear that eventually this triangle with have to break one way or the other. the OBV going sideways is a theoretical option but with the price action struggling against the 400W simple moving average and the divergences...
Currently looks like a breakdown and backtest. Watching for success/fail.
From a purely technical standpoint, the 2 month chart is reflecting that this interim top is in and a significant long-term decline is in the offing. This is a study. Compare and contrast the two major events. History is your friend.
The 2 hr. silver depicts breakdown with the 50, 100 and 200 day simple moving averages beginning to rotate and roll over. Longer timeframes are reflecting similarly.
We got another reversal confrimation today. Like gold, we are heading for a lower low on this pullback. I'd expect to see 15.8-16.3. Invalidate this position if the recent high from yesterday is taken out.
Silver daily has gone parabolic and is rapidly approaching resistance.
Lots and lots and lots of resistance. Indicators and history suggest longer term SILVER is headed down, and it's a long way down to trend.
Strong consolidation here. trend has been sideways but volume is building.
Silver Heading to Descending Triangle Nirvana $15 Target
Simple and sweet. All pertinent info is in graph
THE ICHIMOKU PROJECTS STRONG LEVELS OF SUPPORT AND RESISTANCE THAT ALLOWS US TO GAUGE RISK/REWARD. BY USING MULTIPLE TIME-FRAMES TO DETECT THE SHORT-TERM FRACTALS WITHIN THE LONGER MORE PREVAILING TREND YOU CONFIRM A TREND BY DEFINING IT (LOWER LOWS AND LOWER HIGHS & VICE VERSA). THE RSI GAUGES THE TIPPING POINTS OF MOMENTUM, LIKE IF A PENDULUM'S SPEED WAS GAUGED...
I never chart silver but I wanted to have some fun and see what I can see. This is the weekly chart for silver. There were a couple of things that stood out to me. The first was the huge bearish divergence on the RSI which in my opinion, has not resolved itself yet. In other words, it suggest that a good drop to much lower prices is in our future. (I am not...