What a week for silver!
Going over $20 sure seemed to garner a lot of attention. It blew through $21 like a nonstop train.
Keep in mind that there was solid resistance at $22.05 from 6 1/2 years ago (2/24/14). Silver went through the resistance without much resistance at all, closing at $22.24, $22.86 and $22.47 over 3 consecutive days (per Kitco). Proving it could stay at and close above significant resistance for three consecutive days is HUGE in my book. If I was a short seller, I’d be scared to death. (And I do have a lot of experience selling short, although I don’t remember ever shorting SLV)
The next real technical (when I say technical I am referring to price action as depicted on a historical chart) resistance is well above $30. I do expect potential round number resistance at $25 and $30 along the way, but will be very surprised if we don’t go at least $10/oz. higher in by March-April.
There is something delicate to deal with, however. The higher and faster silver goes, the further and faster it will fall when that first significant pullback occurs. IMHO a 10-20% pullback could come out of the blue at any time and would actually be healthy. I will buy more when that happens as the trend is still up.
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Silver Had a Milestone Week
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Silver Had a Milestone Week
by Recyclersteve » Fri Jul 24, 2020 7:21 pm
Former stock broker w/ ~20 yrs. at one company. Spoke with 100k+ people and traded a lot (long, short, options, margin, extended hours, etc.).
NOTE: ANY stocks I discuss, no matter how compelling, carry risk- often
substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) and selling short as well.
NOTE: ANY stocks I discuss, no matter how compelling, carry risk- often
substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) and selling short as well.
- Recyclersteve
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Re: Silver Had a Milestone Week
by Cu Penny Hoarder » Mon Jul 27, 2020 8:08 pm
Ag has barely gotten started. Up 100% since the March lows.
Resistance around the $27 area. I agree, a pullback would be healthy.
Resistance around the $27 area. I agree, a pullback would be healthy.
Time is precious, stop wasting it.
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