SILVER 1 OZ 999 NY (XAG=X) See Corrective Rebounds
September silver futures bears have the firm overall near-term technical advantage as prices hit a 12-month low overnight. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $16.565 an ounce.
The next downside price breakout objective for the bears is closing prices below solid support at the December low of $15.50. First resistance is seen at $16.00 and then at this week’s high of $16.26. Next support is seen at the overnight low of $15.78 and then at $15.50.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 16.47.
The projected upper bound is: 16.40.
The projected lower bound is: 15.49.
The projected closing price is: 15.94.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black 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 31.9213. This is not an overbought or oversold reading. The last signal was a buy 13 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 42.81. 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 149 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 -96. This is not a topping or bottoming area. The last signal was a buy 0 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 1 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed up 0.208 at 15.952. Volume was 8,900% above average (trending) and Bollinger Bands were 2% wider than normal.
Open High Low Close Volume___
15.772 15.994 15.720 15.952 10,834
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 15.98 16.38 16.62
Volatility: 19 18 20
Volume: 1,083 217 54
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 4.0% below its 200-period moving average and is in an downward trend. Volatility is high 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 14 periods.
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