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TFC Commodity Trading Forum

Dec Silver/ Ronbo *PIC*

Here is a Daily chart of Dec Silver to make things clearer. See the signficance of $30 and the recent breakout of that channel between 30 and 26.50. It also broke out over its downtrendline. Big test now is holding above $30. A pullback to $30 would be a good place to get long technically with a stop at your comfort level below 30. That often happens after a breakout. I would not want to see a close below 30 again from here. And the seasonals are right on time once again. I am cautious as that huge Descending Triangle is a very bearish chart pattern to see but like all bearish chart patterns only has significance "IF" the base line at 26.50 breaks down and holds below that line. Breaking out above of the 26.50 to 30 channel is a significant price move and does suggest higher prices as long as it can hold above 30. Price is presently getting very overbought but that doesn't guarantee an end to rising prices.

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Dec Silver/ Ronbo *PIC*
Re: Dec Silver/ Ronbo/Trades