Silver Levels of Interest

[Jonflyfish]

Friends,
Here is a chart of some Comex silver levels that may be of interest to some.
Blue levels are super magnets where a lot of capital has been committed over the prior 252 trading sessions (approx 1 yr) and yellow levels are opposite- very thinly traded prices that once swiftly crossed often go to a super magnet. These areas area also commonly referred to as support and resistance.
Note that the area between the blue super magnets just below 24 and just above 26 is a black hole, instead of a thinly traded spike.
Cheers!

[68Camaro]

So how do you interpret having two levels of "super magnets" - resistance - together without a yellow support line between them?

[Jonflyfish]

So how do you interpret having two levels of "super magnets" - resistance - together without a yellow support line between them?

The yellow lines are spike "troughs" lacking volume whereas the blue lines are spikes of major volume activity. The "black hole" mentioned is a trough that resembles a plateau, not a spike (dip). It's a vacuum chamber. Blue lines can be like resistance when moving up to them and support when moving down to them (sell on blip, buy on dip etc). Areas where noted volume is lacking tend to be swiftly taken when the market gets close. There are no requirements to have dips alternating between spikes and vice versa. It's just a reflection of where significant volume (or lack thereof) have actually taken place. The blue lines tend to be the most significant in terms of support, resistance and magnetism. Yellow lines tend to show areas of easily target back-filling.
Nothing set in stone, just some musings based on observation. Always DYOD.

Cheers!

[johnbrickner]

Friends,
<snip>
Note that the area between the blue super magnets just below 24 and just above 26 is a black hole, instead of a thinly traded spike.
Cheers!

JFF:

Not sure I understand. Do you mean the area "just below 26 and just above 24" where there are no yellow thinly traded spikes? This area being the "Black Hole"?

Also, thanx for the chart. Every map tells a story.

John

[gubni]

Can we get a translation from geek speak to country boy terms please?

My best guess is that based on these numbers the price of silver is going up to $26 an ounce?

[Country]

Very interesting! According to the chart, $21.67 is the next resistance point (the breakout point two cycles back when SILVER reached a high around $31 and fell back).

[natsb88]

An interesting chart with a good description

[Country]

$21.67 level being tested this morning. Let's see if we get a rapid rise to the $22.50 area.

RAPID RISE IN PROGRESS!!

[Jonflyfish]

Levels have been respected well. Currently at a major yellow zone where there has been a very large cluster of trading volume in the past. I would be very surprised if we do not see some back-filling action around the current zone at COMEX $23
Cheers!

[68Camaro]

Got a similar gold chart?

[Jonflyfish]

Got a similar gold chart?

Cheers!-

[Jonflyfish]

Spot sold $23.16
Cheers!

[Jonflyfish]

Key levels are pivotal and the market is respecting them.
Cheers!

[Jonflyfish]

Silver sold at $23.33

[mbailey1234]

I just rolled all of the USLV that I snagged at $5.02 into some Sept 22 calls at $1.15. I'm finally out of the leveraged stuff so, mark my word, it will be up 20% next week. Feels good to be well in the black again after the thrashing I took on the way down.

So Jon, I have trouble interpreting your posts sometimes but I have a for ya... When you are saying you sold are you now short the market or rather closing out some long positions??? If you don't mind me asking what % of your funds allocated for silver trading are long or short right now?

For instance I have about 40% of my "paper play money if you will" tied up in some sort of long silver position, either slv or call options but no leveraged positions. The main reason I ask is in my opinion there is a big difference between selling to take a profit on a long position and actually going short.

[Jonflyfish]

Sold short at $23.57

Cheers!

[Jonflyfish]

I just rolled all of the USLV that I snagged at $5.02 into some Sept 22 calls at $1.15. I'm finally out of the leveraged stuff so, mark my word, it will be up 20% next week. Feels good to be well in the black again after the thrashing I took on the way down.

So Jon, I have trouble interpreting your posts sometimes but I have a for ya... When you are saying you sold are you now short the market or rather closing out some long positions??? If you don't mind me asking what % of your funds allocated for silver trading are long or short right now?

For instance I have about 40% of my "paper play money if you will" tied up in some sort of long silver position, either slv or call options but no leveraged positions. The main reason I ask is in my opinion there is a big difference between selling to take a profit on a long position and actually going short.

Closed some longs off the bottom by selling now closed the remaining and short.
% is a good question not easy for me to answer. Would potentially create conflicts of interest and disclosure. However, will say that every position is either part of a diversified portfolio or as a hedge for either consumption and/or production.

Cheers!

[Jonflyfish]

Nice intraday battle at the value area low.
Cheers!

[Country]

Interesting play on levels today. SILVER fell from $23 in the early morning hours and was attracted by the $22.47 level (going down to $22.23). Then SILVER reversed and seems to now be attracted by the $23.67 level. SILVER is bouncing between these two key levels (now at $23.18). Maybe we'll soon get a boomerang effect higher to the $26.27 level. I find this fascinating!

[Jonflyfish]

Definitely. Market had some unfinished business and needed to backfill to the 22.47 region.
Cheers!

[Jonflyfish]

Prior 5 days activity on left hand side of bar. Current session on the right. Can see that the valley between activity peak ranges on the left needed to be filled in some, matching key levels on prior chart...
Note: Green boxes are 1 sigma (approx 70%) activity zones.
Cheers!

[Frank t]

some dang sexy charts

[Jonflyfish]

some dang sexy charts

Thanks Frank. Hopefully there is some value in them as well.
Cheers!

[Jonflyfish]

Market seems to have followed through with the respected levels of interest.
Cheers!

[Country]

$23.27 breached! We should be going through the "black hole" ON THE UPSIDE to the $26.27 level soon. I'd like to see that...

UP WE GO!!!