Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Bulls In the Silver Market

|Includes:ProShares Ultra Silver ETF (AGQ), GLD, IAU, SLV

 I am going to propose a strictly technical thesis for a short term bull market run in the silver marketsilver. 

Technical Reasons for going LONG in Silver
RSI
The current RSI level in the active silver contract is at 54.43 with a positive slope. This means investors are flowing into the security and actively buying. At 54.43, the active contract is still underbought and has room to mover before reaching the overbought threshold. 

Momentum (10) and 5-day MA
Momentum just crossed the 5-day MA and is now above the moving average. This is a very bullish signal as these crosses are often followed by market rallies

Outlook
I believe silver will finally exit its range bound trading activity this week and enter into the 35-37$ range within the next couple of days. Caution: Any negative news out of Europe could pre




Stocks: AGQ, SLV, GLD, IAU