SLV trade ideas
SLV - Patiently waitingSilver has not taken out last week's high despite a spirited rally today. I lightened up some on SLV last week anticipating a three week test of the low. With quad-witching on Friday, could be lots of volatility even extending to metals. Dollar continues to be super weak.
Could be wrong and SLV can continue to move higher but I play the patterns that I know and will patiently wait to see how we are going to close on Friday. Holding at or above 21.05 would be an intermediate-term entry point and onward to the 30s.
Last year, I had been anticipating a double bottom formation with prices taking out a top just below 20. Theory says that after breaking through that top (occurring around Aug 2016), prices would come back down to test that breakout point and move much higher. The March madness in the markets caused silver to make new lows. But ignoring the March craziness, I'm am sticking with that philosophy that we did make a double bottom, have come back to test and will then move to higher prices.
That being said, previous posts showed that I had expected still lower prices and they still might occur, actually testing that breakout level around 20. But as the Stochastic indicator is now heading upward, momentum is shifting. If we wind up closing below the 21 level on Friday, a little more patience will be in order. But I think we are close. This weekly setup is important to keep an eye on and if successful, is worth placing your bets on it.
$SLV forming nice bull pennant on weekly$SLV looks primed to break out if it can hold the VWAP anchored off the March lows. Nearing the pennant convergence, declining volume, and clearly formed pennant. I entered some long June 2021 $21 calls today. Will add more if it breaks out of the pennant as I anticipate that it will.
When is a good time to buy silver? #SLV Confirmation?Looking at silver over 2021 we have a couple trend lines that have been holding up as support and we are currently looking at retesting one just before we enter what i would consider a buy zone.
The bold trend line coming down has been tested twice and we are forming a symmetrical triangle.
As we see upward pressure from the 2 longer term support trends, we will be testing it again in the 22.42 area.
Id like to see price action above 22.34 and back above the trend line that is acting as resistance currently.
A precursor to this could be pressure from the lowermost upward trend as we move into the downward trend again.
Silver $SLV offering a 10 percent ROI with some Patience: YAWN?$SLV makes a nice long, on silver futures. The gain is not tremendous, but it seems "safe" (A word I loathe using, but will).
With Au trending up, Ag should match it after it finishes this bottom out -- It's down 0.5% pre-market and may fall a full percentage point, at which entrance can be considered.
This won't knock the socks off a thing - but who flicks boogers at actual gains? Not this trader.
LUCK, BS, and whatever else,
BDR
SlV in the month of Oct and NovAMEX:SLV has been super volatile however I have noticed a trend with this precious metal. When it is priced at or higher than $23 it tends to turn down pretty rapidly and the same goes for pricing at 21.95 in the opposite direction. While it is hard to gauge the exact demand/supply of SLV and market conditions CCI shows clearly overbought and oversold conditions of during the break of these levels. This month there has been extremely high volume at 22.50 and this seems to be a great level to watch for pullbacks or rallies on silver. As it sits on this level awaiting more developing news on the dollar's performance and future in the coming weeks, I remain bullish on SLV. My target is 24.20 Before taking a position I would like to either see a pullback to touching or approaching it's supply zone at 21.95 or a valid break and retest of 22.69. Trailing stops is a viable option for this volatile choice.