This needs to be cleared on good volume for another run towards $30.50 which is acting as overhead resistance for any move towards the recent peak above $31.
Thursday, February 10, 2011
4 Hour Silver Chart
This shorter term silver chart gives you a pretty good indicator of at what level the sellers are surfacing. You can see that silver is having a bit of difficulty holding above the $30.25 level. We did get one push through there that took it up as high as $30.50 but it faded and has not since been able to push any higher than that $30.25 level.
This needs to be cleared on good volume for another run towards $30.50 which is acting as overhead resistance for any move towards the recent peak above $31.
So far its dips are attacting buying below $29.75 which is a real plus for the market. If it could actually consolidate a bit near these levels it would actually be a bit more healthy than if it took off on a headlong tear higher. Any consolidation would help us discover at what level the market in general is viewing silver as having value.
This needs to be cleared on good volume for another run towards $30.50 which is acting as overhead resistance for any move towards the recent peak above $31.
Thank you for your insight, it helps me with some on my conclusions.
ReplyDeleteIt's strange, some people think the longer it hangs out in a range the worse things are looking. I was glad to read that you see it more as a healthy sign, it makes me feel a little more optimistic about the possibilities of eventually moving higher from here.
ReplyDeleteNice channel support too on the 4 hour. I like watching the 4 hour and glad you saw the same things.
ReplyDeletehttp://www.screencast.com/users/Jayhawk1991/folders/Jing/media/17eb3217-c862-4c0e-b3e3-adf5aee42d80