Silver Market Update - December 18th, 2011
The Head-and-Shoulders top is shown on the 3-year chart for silver shown below. On this chart we can also observe various other bearish factors that are now coming into play. One is that silver has been trading way below its 200-day moving average since the September plunge, and this indicator is now rolling over and about to turn down, which will put the price and its moving averages in nerarish alignment for the first time since 2008. Another important bearish factor is that that the MACD momentum indicator shown at the bottom of the chart is now in an established downtrend, and with it now showing an only moderately oversold reading there is plenty of scope for further heavy losses going forward.
The 6-month chart for silver shows recent action in more detail, in particular last week’s breakdown from what we can now see was a Head-and-Shoulders continuation pattern, which interestingly forms the Right Shoulder of the much larger Head-and-Shoulders top shown on the 3-year chart above. Some eagle-eyed subscribers pointed this out to me ahead of the breakdown, but fooled by the COT, I did not take it seriously enough. With regards to the COT, if it is not at historically bullish readings, how can silver drop? The answer to that is simple – the further it drops the more bullish the COTs are likely to become, and there is no law against the Commercials going net long one day – now that would be a sight to see.
http://www.clivemaund.com/article.php?art_id=67
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Whistler Blowers, Insiders
Are you kidding? A head and shoulders top based on a few months shows that silver is now in a bear market, and the “bubble” is popped I suppose. Why don’t you show a 10 year trend line?
How did the 5 margin hikes affect things? Remember raising margins is expected when the price rises, but the CME in their infinate wisdom decided to raise margins consecutively during a JPM-led downdraft. Technical analysis is fairly useless in this kind of manipulated market. I prefer to look at the bullish fundamentals.
yea, this is more nonsense from the gold/silver is in a bubble F@%WITZ! It’s all about scaring the sheeple out of REAL money with intrinsic value & hearding them back into the even more manipulated stock market to help Wall St. bail out the E.U.
The only thing I’m buying from this article is more silver!
to the two commenters above. why would you want to buy now if the price may collapse? you should wait until the price drops further. that way you can more silver with less money.
HA! That sums up my comment.
FIRE SALE!! Gee, I hope you are right! I NEVER thought I would get to but silver at under $20 again! w00t!!
Oh, except that the whole MF Global, SLV / GLD fraud, JP Morgan financial terrorism, all that, makes your charts increasingly meaningless. Oh well, I hope you are right and Blythe knocks it back down to a price where even poor folks like me can stock up!