Silver
2/3/11
9:03EST
Silver:
we just pushed off from the key OAV (28.14(5)
as such it must reach 29.33 and 29.42
28.58 is the key resistance (now term)
29.09 reaching or not is also quite profound
not reaching 29.33
adds to the downside compression
remember the below update from yesterday
Silver:
I reviewed it again for several of your inquiries
I don’t like the upside
Reason being is this
We have a compression detachment at 29.12 (pointing down)
Until we close this pattern
The move is down
Also today we failed to even reach an open compression gap at 28.80
Heck the USD traded down straight for 10 days and the silver also traded down at the same time
Staying above 27.86 puts us in neutral territory (marginally) (long term)
Immediate term:
28.14(5) is the bull bear divider
Replies to This Discussion
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Permalink Reply by Master Che on
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2/3/11
11:11EST
Silver:
Clearly we need to put the silver under the microscope
It should have tanked down to 27.81 (minimum)
In fact much lower (26.61 to 26.91)
It didn’t
Now term:
Above 28.34 (floating OAV) opens the rally door
Above 28.58 we’re in the rally room
It then runs up to test the compression detachment at 29.12
IF it closes the compression detachment
We’re at 32.32 before you can say Jack Robinson
Until 33.97 it keeps heading up
IMO it’s (long term) much more bullish if we continue down with the correction
I’m expecting to take out the Hunt Bros. Highs..
10:47EST
Silver:
It’s holding up
We should have reached 27.81 on the dip
27.82 is very key support
Today’s close is important
We have an open compression gap (daily) at 27.92(5)
The upper wall of the gap is at 27.96(5)
We just pushed off from the upper wall
28.36(5) is a developing OAV; but it’s still a valid indicator
what I’m trying to say is this
above 28.36
it tries to run up (29.33)
it’s become much stronger the last 18 hours
then it’s been the last 14 days
it must hold above 28.14(5) minimum
another 12 minutes we’ll have new now term lines
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