Silver Chartists...question for ya

percyb

I'm wondering where resistance might be on silver, for all of those who gage price movement by charts. Any input would be helpful. I'd like to write some short term call options--60 or less days-- on my SLV position.

RedTiger

Take the width of the recent dip from $30 to $26, add that to the $30 and that targets $34. Take the entire move from the breakout at $18 to $30, add that $12 to the bottom of the dip and that targets $38. Split the difference and that gives me $36 as a price target for SLV.

As always, the caveat is that silver is a thin market, prone to manipulation. Looks like big money is pumping SLV up right now, trying to draw as many little fish into the net as possible. Record sales of 1 ounce eagles, more and more new newbies posting on this forum are some signs that the little fish are moving in en masse. Selling calls might not be the best strategy in when the little fish are swimming into the nets, but it is a way to hedge, if a person isn't sure. Sentiment is only one indicator and never is going to be an exact one.

derryb

I threw away my charts (except cohodk's dollar chart). Market now in uncharted territory and reacting to financial-political news. Markets have reverted back to their basic instincts: Fear & Greed.

percyb

<< <i>
Selling calls might not be the best strategy in when the little fish are swimming into the nets, but it is a way to hedge, if a person isn't sure. Sentiment is only one indicator and never is going to be an exact one. >>



Thanks for your numbers. There is so much premium in the April out of the money calls that it's drawn my attention. It's probably caused by all the little fishes you reference.

57loaded

<< <i>I threw away my charts (except cohodk's dollar chart). Market now in uncharted territory and reacting to financial-political news. Markets have reverted back to their basic instincts: Fear & Greed. >>



cohodk's chart is a keeper (edit)

PM's are hot when it is fear AND greed.
often it is either/or

jmski52

I threw away my charts (except cohodk's dollar chart). Market now in uncharted territory and reacting to financial-political news. Markets have reverted back to their basic instincts: Fear & Greed.

$3.50 gasoline wakes people right up. Think "new paradigm". Don't forget to mentally prepare for the volatility.

NumbersUsacom

True serious resistance will begin at the $117.00-$125.00 range. I plan on unloading 50% in this area. Looking for a serious blow off into the $240.00-$260.00 area with an all time high possibly at the $340.00 - $350.00 level.

Lets Ride! See if you can hang on, and not sell to low.

Justacommeman

It is going to need a major breather soon.........it's in rarified air. MJ

TWQG

<< <i>It is going to need a major breather soon.........it's in rarified air. MJ >>



The volume today on ZSL would support this. I've been waiting to nibble on some but I seem to lack the guts.

derryb

<< <i>

<< <i>It is going to need a major breather soon.........it's in rarified air. MJ >>



The volume today on ZSL would support this. I've been waiting to nibble on some but I seem to lack the guts. >>


I've got some you can buy.