Silver markets have grounds sideways for some time, over the last several days. The $14.80 level has been a bit of an anchor for price, but above there I see the $15.00 level as being massive resistance. Short-term rallies will of course offer selling opportunities as that is an area of significant resistance.
If we can break above the $15.10 level, the market could go much higher. At that point, I would be targeting the $15.25 level next, and then the $15.50 level. However, at this point I suspect that there is probably more likelihood of selling pressure than buying.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 112.41.
The projected lower bound is: 110.20.
The projected closing price is: 111.30.
A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 62.2808. This is not an overbought or oversold reading. The last signal was a buy 20 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 54.04. 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 sell 25 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 54. This is not a topping or bottoming area. The last signal was a buy 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 sell 23 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed up 0.750 at 111.290. Volume was 2% above average (neutral) and Bollinger Bands were 32% narrower than normal.
Open High Low Close Volume___
110.530 111.310 110.500 111.290 103,337
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 110.71 111.03 109.83
Volatility: 7 6 8
Volume: 111,451 104,452 106,252
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.
FOREX JPY= is currently 1.3% above its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of JPY= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on JPY= and have had this outlook for the last 19 periods. Our momentum oscillator has set a new 14-period high while the security price has not. This is a bullish divergence.
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