Thursday, January 20, 2011
Review of $XAG/USD - SILVER Spot (XAG USD)
as of Thursday, January 20, 2011
Today's Price Action
Change -1.3300 (-4.62%) prices closed lower than they opened. with weak Bids going into the close.This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are "high," it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
PulseScan Swing Vix
Swing Vix: -34.84
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 -29. This is where it usually forms Support. The Swing Vix usually forms Support 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 12 period(s) Ago.
The Swing Vix has just reached its lowest value in the last 14 period(s). This is bearish.
*Since the last Swing Vix signal, $XAG/USD - SILVER Spot's price has decreased 4.46%, and has ranged from a high of 29.8100 to a low of 27.3700.
MARKET TREND - Currently the TREND is - Neutral within the Bullish KUMO Consolidation cloud (Possible Trend Reversal) with Downside Bearish Breakout risk. A close above 28.5975 is needed to re-establish the upward trend. However A close below 26.5150 will establish a new downward trend.
TREND STRENGTH - ,
There is currently no trend strenght reading at this time.
The close is currently Above it's PulseWave Cycle TRENDLINE RETRACEMENT. - 22.9500
The close is currently Above it's Long Term TRENDLINE RETRACEMENT. - 22.2906
The close is currently Above it's Intermediate Term TRENDLINE RETRACEMENT. - 27.7523
The close is currently Below it's Short Term TRENDLINE RETRACEMENT. - 28.8458
Today's Sell off pushed prices on the close below the short term trendline resistance
INTRADAY PRICE PROJECTIONS
WEEKLY PULSE WAVE PRICE PROJECTIONS
PulseWave BreakOut RESISTANCE - 29.4900
PulseWave BreakOut SUPPORT - 28.0500
On 1/20/2011, $XAG/USD - SILVER Spot closed below the lower band by 5.0%.
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.
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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