Silver 1 OZ 999 NY (XAG=X) price tries to recover
Silver markets gapped initially during the trading session on Tuesday, but then pulled back to fill that gap to find signs of support. By forming a tiny hammer, this suggests that we are going to try to recover the massive bearish candle from the Monday session, but I think it’s only a matter time before we show signs of exhaustion.
This will be especially true if we reach towards the 50 day EMA, as silver has found so much in the way of bearish pressure. The question now is whether or not the $14.50 level underneath will offer support?
Overall, the bias in prices is: Downwards.
The projected upper bound is: 15.09.
The projected lower bound is: 14.37.
The projected closing price is: 14.73.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 29 white candles and 19 black candles for a net of 10 white candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 38.1404. This is not an overbought or oversold reading. The last signal was a sell 3 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 50.74. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 16 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 27. This is not a topping or bottoming area. The last signal was a sell 1 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 8 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed up 0.081 at 14.741. Volume was 8,900% above average (trending) and Bollinger Bands were 7% narrower than normal.
Open High Low Close Volume___
14.680 14.794 14.607 14.741 16,248
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 14.71 14.81 14.90
Volatility: 18 16 18
Volume: 1,625 325 81
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
PREC.M.XAG= is currently 1.1% below its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect very strong flows of volume out of XAG= (bearish). Our trend forecasting oscillators are currently bullish on XAG= and have had this outlook for the last 4 periods.