where is silver heading?
- Thread starter vijay@dsun
- Start date
Good Af Noon - TraderJi & Friendsssss ,
Update of prev. post :gunsmilie:
As seen in attachment , still the fork's ( andrew's pitch fork ) support line is intact & strong support lies @ 26.80 $ levels.
On upside 27.90$ 'll act as strong resi (23.6% of fibo) & breaking of which may lead till 28.60 $.
Regards:beer:
vijay@dsun
Update of prev. post :gunsmilie:
As seen in attachment , still the fork's ( andrew's pitch fork ) support line is intact & strong support lies @ 26.80 $ levels.
On upside 27.90$ 'll act as strong resi (23.6% of fibo) & breaking of which may lead till 28.60 $.
Regards:beer:
vijay@dsun
Last edited:
Re: Silver Heading Towards ...... ?
Good Morning TraderJi & Friendsss
Silver has reached the upper most resi of 28.60$ & struggling with a +/- 0.20 $ fluctuations.
On weekly chart , This 28.60$ looks very strong reversal pt with a downside trgts of 28.50 - 27.12 - 23.52 $
I personally take this level as a short entry level for some 4000-5000rs fall in MCX silver.
On the upper side 29.40 'll be the cautious point for the shorters & cud be a stoploss level too.
Its just my view on this counter & neither a recommendation nor am a professional technical analyst.
Regards
Vijay@Dsun
Good Morning TraderJi & Friendsss
Silver has reached the upper most resi of 28.60$ & struggling with a +/- 0.20 $ fluctuations.
On weekly chart , This 28.60$ looks very strong reversal pt with a downside trgts of 28.50 - 27.12 - 23.52 $
I personally take this level as a short entry level for some 4000-5000rs fall in MCX silver.
On the upper side 29.40 'll be the cautious point for the shorters & cud be a stoploss level too.
Its just my view on this counter & neither a recommendation nor am a professional technical analyst.
Regards
Vijay@Dsun
Last edited:
GE TraderJi & Friendsss,
The historical chart presented below is taken for a timezone of 6years.
In the last 6yrs , silver's journey has been moving with a strong trendline (REDLINE in chart).
It made a high on MAY'2006 & MARCH'2008
Interesting factor is the trendline hasn't been broken on upside & yesterday's high of 30.70$ was a veryclose of that trendline (line @ 30.60$)
If this is the case , we may see a selling in silver for the next one year or so until it takes a bottom.
To fix /predict the bottom of this counter , I personally feel, january'2011 candle in a monthly chart 'll be useful.
Takecare guysss
vijay@dsun
The historical chart presented below is taken for a timezone of 6years.
In the last 6yrs , silver's journey has been moving with a strong trendline (REDLINE in chart).
It made a high on MAY'2006 & MARCH'2008
Interesting factor is the trendline hasn't been broken on upside & yesterday's high of 30.70$ was a veryclose of that trendline (line @ 30.60$)
If this is the case , we may see a selling in silver for the next one year or so until it takes a bottom.
To fix /predict the bottom of this counter , I personally feel, january'2011 candle in a monthly chart 'll be useful.
Takecare guysss
vijay@dsun
Last edited:
Hello Vedantica,
First of all thanks for your reply regarding my post.
Silver 's bottom prediction method as of mine is,
30.60 $ was tested in the month of december2010 in a monthly chart's trendline.
that means we cannot take the current candle (december'10) to predict the future movements of silver.
we need a fresh candle to appear in the chart obviously January 2011 candle should be displayed.
only then its possible to assume the exact bottom of silver
(note: in december let silver close @ 24$ or 35 $ , it not gonna be important & hence we shud not take any swing or short term trades in this counter on december)
This trendline happend after 2.5 years & this time its a massive one.
just have a look @ MCX charts , we have a GAP @ Rs 15500-16000 levels too.
Still am not mentioning that this 15500 level 'll be the bottom but there r chances as a year long target.
well, just 19 more days to predict the future of silver & hopefully on january 1st i will make a post regarding this. till then just wathcing from sidelines
regards
Vijay@Dsun
First of all thanks for your reply regarding my post.
Silver 's bottom prediction method as of mine is,
30.60 $ was tested in the month of december2010 in a monthly chart's trendline.
that means we cannot take the current candle (december'10) to predict the future movements of silver.
we need a fresh candle to appear in the chart obviously January 2011 candle should be displayed.
only then its possible to assume the exact bottom of silver
(note: in december let silver close @ 24$ or 35 $ , it not gonna be important & hence we shud not take any swing or short term trades in this counter on december)
This trendline happend after 2.5 years & this time its a massive one.
just have a look @ MCX charts , we have a GAP @ Rs 15500-16000 levels too.
Still am not mentioning that this 15500 level 'll be the bottom but there r chances as a year long target.
well, just 19 more days to predict the future of silver & hopefully on january 1st i will make a post regarding this. till then just wathcing from sidelines
regards
Vijay@Dsun
Thanks Pal for the reply Abt the bottom of silver we do expect some correction from the same which we have seen in past week. But as per me we have already seen that As gold is heading for the new highs and not giving any major correction and silver till past yr when it was around 29/30 k in the mcx mkts was under valued against Gold but now as it has gained a lot and now we can say that it is valued against the gold rightfully. An i totally agree that we have to wait n watch for the same. An i will be waiting for ur post on the same matter in the future.....An what software do u use for the charting pls let me know an where ru frm?
An Vedantika is my Daughters name My name is Vikas
An Vedantika is my Daughters name My name is Vikas
Pal Silver again showing the bullish side again it tried to touch 30$ which was not successful but twice it had tried yesterday for the same and again it has falled and if the 3rd time it will try again today tht is wednesday and if it suceeds for the same then its gonna 49 k this time coz it will not return b4 tht AS per my calculation.Lets Cross the fingers for the same.........Do u want to say for the same comment i have made then pls tell me
Hello Vikas,
For silver, though am very much bearish for short -medium term, I personally do not see any reason/news for it to break the highs before testing $27.20
This $ 27.20 'll be the support or reversal pt till this month.
& fundamentally , 2 months ago, i read a article from Barclay's capital in Businessline daily stating that the supply side is gonna be higher for the next 2 years for silver than the required demand.
Even after the news we saw some rallies of abt 6-8k in mcx & in $ terms that rally made it to reach the peak @ 30.60$
Now technically i guess we have tested the peak & fundamentally -- its a poor counter atleast for ONE YEAR.
Once it takes some bottom (in a 1-2yr period or so) this 'll fireee offff to new peaks & i have no doubt in it
so, for december , my only level is $ 27.20
regards
vijay@dsun
For silver, though am very much bearish for short -medium term, I personally do not see any reason/news for it to break the highs before testing $27.20
This $ 27.20 'll be the support or reversal pt till this month.
& fundamentally , 2 months ago, i read a article from Barclay's capital in Businessline daily stating that the supply side is gonna be higher for the next 2 years for silver than the required demand.
Even after the news we saw some rallies of abt 6-8k in mcx & in $ terms that rally made it to reach the peak @ 30.60$
Now technically i guess we have tested the peak & fundamentally -- its a poor counter atleast for ONE YEAR.
Once it takes some bottom (in a 1-2yr period or so) this 'll fireee offff to new peaks & i have no doubt in it
so, for december , my only level is $ 27.20
regards
vijay@dsun
Dear friend did u got any clue abt where the silver is heading ...........
Hello Vikas,
For silver, though am very much bearish for short -medium term, I personally do not see any reason/news for it to break the highs before testing $27.20
This $ 27.20 'll be the support or reversal pt till this month.
& fundamentally , 2 months ago, i read a article from Barclay's capital in Businessline daily stating that the supply side is gonna be higher for the next 2 years for silver than the required demand.
Even after the news we saw some rallies of abt 6-8k in mcx & in $ terms that rally made it to reach the peak @ 30.60$
Now technically i guess we have tested the peak & fundamentally -- its a poor counter atleast for ONE YEAR.
Once it takes some bottom (in a 1-2yr period or so) this 'll fireee offff to new peaks & i have no doubt in it
so, for december , my only level is $ 27.20
regards
vijay@dsun
For silver, though am very much bearish for short -medium term, I personally do not see any reason/news for it to break the highs before testing $27.20
This $ 27.20 'll be the support or reversal pt till this month.
& fundamentally , 2 months ago, i read a article from Barclay's capital in Businessline daily stating that the supply side is gonna be higher for the next 2 years for silver than the required demand.
Even after the news we saw some rallies of abt 6-8k in mcx & in $ terms that rally made it to reach the peak @ 30.60$
Now technically i guess we have tested the peak & fundamentally -- its a poor counter atleast for ONE YEAR.
Once it takes some bottom (in a 1-2yr period or so) this 'll fireee offff to new peaks & i have no doubt in it
so, for december , my only level is $ 27.20
regards
vijay@dsun
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