Entering text into the input field will update the search result below

Technical Update On Silver

Jan. 26, 2011 8:50 AM ET
lytman02 profile picture
lytman02's Blog
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Hello commodity peeps! From my last analysis on Silver, I mentioned that there was a head and shoulders pattern forming and the silver price could fall upon the said pattern’s breakdown. A few days later, it broke down and fell. From then on, silver continued to drop from the said pattern and could still do so. However, profit taking actions on short positions at the 26.50 support could occur at the interim. Such then could lead into a temporary rebound in prices. but if it further breaks below that area, its next support could be 25.00. Anyway, the immediate downtrend which I marked in the chart above will nonetheless work as a technical hurdle to prevent any extension in its rallies. Given this breakdown and the apparent swift in trend, I’d say that the bias now is to the downside my folks. It looks like I’ll be shorting this one on strength. But that’s just me.

By the way, here’s my post right when silver broke down from its uptrend and here’s the other post when I mentioned the head and shoulders pattern forming.

More on LaidTrades.com ...

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.