Silver 1 OZ 999 NY (XAG=X) expected to “explode” if the right trigger hits the market
A series of lower highs off the February 20 high print dominates Silver’s chart and suggests lower prices ahead. Silver currently changes hands at $14.82 and is under pressure from a technical perspective, as it trades below all three moving averages and the 23.6% Fibonacci retracement level at $14.91, its initial upside target.
For a medium-term bear market to gain more credence, Silver will need to close below the May 2 low at $14.56 to establish a fresh lower low. The CCI indicator has moved out of oversold territory but recent upticks have proved weak and short-lived.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 15.15.
The projected lower bound is: 14.43.
The projected closing price is: 14.79.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 5 black candles for a net of 1 black candles. During the past 50 bars, there have been 28 white candles and 20 black candles for a net of 8 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 57.3213. This is not an overbought or oversold reading. The last signal was a buy 32 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 43.49. 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 73 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 -23. This is not a topping or bottoming area. The last signal was a buy 8 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 7 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed up 0.011 at 14.796. Volume was 8,900% above average (trending) and Bollinger Bands were 48% narrower than normal.
Open High Low Close Volume___
14.786 14.850 14.720 14.796 13,117
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 14.80 15.08 14.92
Volatility: 13 15 19
Volume: 1,312 262 66
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 0.8% below 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 very strong flows of volume into XAG= (bullish). Our trend forecasting oscillators are currently bearish on XAG= and have had this outlook for the last 53 periods.
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