Silver has come down in price to the point where 6 different support lines have come into play coupled with a silver short situation where silver has rallied in similar situations over the past 8-years. The aforementioned suggests that silver is ideally situated to soar again soon. Take a look at the chart and decide for yourself if this is the day to get (further) invested.
So writes Chris Kimble (blog.kimblechartingsolutions.com) in paraphrased excerpts from his original post* entitled Could this cause Silver to blast off? Rare support point at hand!.
[The following article is presented by Lorimer Wilson, editor of www.FinancialArticleSummariesToday.com and www.munKNEE.com and the FREE Market Intelligence Report newsletter (sample here – register here) and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. This paragraph must be included in any article re-posting to avoid copyright infringement.]
CLICK ON CHART TO ENLARGE
The decline has brought Silver down to a rare situation. The above chart is based upon Monthly closing prices in Silver. The chart reflects that:
- 6 different support lines come into play at (3) in the chart above and, at the same time,
- traders in the metals complex have established positions where Silver has rallied over the past 8-years.
Support is support until broken and this is a rare situation where so many support lines meet at one price point.
[Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.]
*http://blog.kimblechartingsolutions.com/2013/07/could-this-cause-silver-to-blast-off-rare-support-point-at-hand/ (The above chart was shared with Members a few weeks ago. If you could benefit from having this type of Power of the Pattern research when these situations take place, I would be honored to have you has a member. This type of research is available for less than a $1 a day. We offer even further discounts with our Triple Play program!)
You will read more and more articles touting how gold and silver have bottomed. They have not, at least according to price behavior as determined by actual buyers and sellers in the market. Read More »
The waterfall decline…[in silver prices] has resulted in many silver investorsherd-mentality-300×218 throwing in the towel and exiting their positions. However, this is herd mentality and every successful investor knows it is almost always a failing strategy. With sentiment near all-time lows and blood still running in the streets, I am doing the exact opposite and wading into the waters once again. [Below are 8 reasons why I think that silver has bottomed.] Words: 1570 Read More »
Charts speak the loudest…and they never lie…[because they are] the true record of all buy and sell decisions executed, coming from the most informed to the least informed. Most of the problems lie with those who form an opinion, and how they choose to impose it onto what any given chart “says.” My understanding of what the quarterly monthly, weekly and daily charts are conveying about the price action of silver is, simply,] “Silver stackers, these lower prices are a gift you should keep on taking. Stay tuned.” Read More »