Thursday, January 27, 2011
Review of $AGQ - PROSHARES ULTRA SILVER ETF (NYSEARCA:AGQ)
as of Wednesday, January 26, 2011
Today's Price Action
Change 6.0200 (5.09%) prices closed higher than they opened. with strong Bids going into the close.This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are "low," it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area , the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
An engulfing bullish line occurred (where a white candle's real body completely contains the previous black candle's real body). The engulfing bullish pattern is bullish during a downtrend (which appears to be the case with $AGQ - PROSHARES ULTRA SILVER ETF). It then signifies that the momentum may be shifting from the bears to the bulls.
If the engulfing bullish pattern occurs during an uptrend, it may be a last engulfing top which indicates a top. The test to see if this is the case is if the next candle closes below the top of the current (white) candle's real body.
PulseScan Swing Vix
Swing Vix: -41.92
The Market Pulse is negative since it is trading below its zero signal line.The PulseScan crossed below the Swing Vix creating a DOWN Trend Channel as of 5 period(s) ago. The Swing Vix is below -39. This is where it usually bottoms. The Swing Vix usually forms tops and bottoms before the underlying security.
A buy or sell signal is generated when the Swing Vix moves out of an overbought/oversold area.
*The last signal was a Over-Bought Sell 15 period(s) Ago.
The Swing Vix does not currently show any Failure Swings.The Swing Vix and price are not diverging.
*Since the last Swing Vix signal, $AGQ - PROSHARES ULTRA SILVER ETF's price has decreased 8.63%, and has ranged from a high of 143.0700 to a low of 116.7700.
MARKET TREND - Currently the TREND is - The UpTrend is still entact with prices holding above trendline support at- 101.4995.
TREND STRENGTH - ,
There is currently no trend strenght reading at this time.
The close is currently Above it's PulseWave Cycle TRENDLINE RETRACEMENT. - 101.4995
The close is currently Above it's Long Term TRENDLINE RETRACEMENT. - 90.2492
The close is currently Below it's Intermediate Term TRENDLINE RETRACEMENT. - 128.6292
The close is currently Below it's Short Term TRENDLINE RETRACEMENT. - 128.4193
INTRADAY PRICE PROJECTIONS
WEEKLY PULSE WAVE PRICE PROJECTIONS
PulseWave BreakOut RESISTANCE - 145.9100
PulseWave BreakOut SUPPORT - 116.7700
On 1/26/2011, $AGQ - PROSHARES ULTRA SILVER ETF closed
above the lower band by 19.9%.
This combined with the steep downtrend suggests that the downward trend in prices has a good chance of continuing. However, a short-term pull-back inside the bands is likely.
Click to enlarge
This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents.
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Thursday, January 27, 2011