Silver Rallies: price action near resistance at 17.25 should tell us all we need to know
8 April 2015, 12:11
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Price action near resistance at 17.25 should
tell us all we need to know.
If the futures push easily past it, expect the rally to continue over the near term to at least 18.40. The Hidden Pivot also has the potential to set up a low-risk ‘camouflage’ entry opportunity for bulls who missed getting aboard Sunday night’s gap-up opening. Specifically, if the futures pull back in B-C fashion after exceeding 17.25 by a tick or two, you should zoom down to the 5-minute chart to look for an uptrending ABC entry pattern.
Buyers probed and diddled the 17.25 for nearly seven hours yesterday before taking a running start at it. This they did, however, at a time of day when durable rallies almost never happen, and this one was no exception. Buyers will need to regroup for another try, presumably within the bullish framework of the pattern shown. There’s no point ‘C’ low here yet, but if and when one is generated, use the midpoint resistance of the resulting pattern to gauge the strength of any rally.
If the futures push easily past it, expect the rally to continue over the near term to at least 18.40. The Hidden Pivot also has the potential to set up a low-risk ‘camouflage’ entry opportunity for bulls who missed getting aboard Sunday night’s gap-up opening. Specifically, if the futures pull back in B-C fashion after exceeding 17.25 by a tick or two, you should zoom down to the 5-minute chart to look for an uptrending ABC entry pattern.
Buyers probed and diddled the 17.25 for nearly seven hours yesterday before taking a running start at it. This they did, however, at a time of day when durable rallies almost never happen, and this one was no exception. Buyers will need to regroup for another try, presumably within the bullish framework of the pattern shown. There’s no point ‘C’ low here yet, but if and when one is generated, use the midpoint resistance of the resulting pattern to gauge the strength of any rally.
