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In the May 2014 Silver (or Mini Silver) futures, a recent up-trend has consolidated just above the $21.500 level over the past seven trading sessions. Equity markets have been weighed down by a round of profit-taking in the initial morning hours, giving way to strong upside potential in the precious metals markets.
Yesterday's trading session, February 25, 2014, provided an outside reversal on the daily chart. The market failed on a downside move, reversed, and closed above the high at $22.030. This price action is a bullish near-term indicator.
I would expect a strong move to the upside in the coming days from the current price of $21.930. The next upside target level would be the swing high of $22.235. It would be recommended to trail stop orders behind the market as it continues to establish new highs, with an initial stop order placed behind yesterday's low of $21.578.
I advise clients on trading futures and futures options markets on a day to day basis. If you have any questions regarding this chart or questions regarding trading futures and futures options, feel free to call me directly at 888-272-6926.
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Thank you for your interest,
James Leeney
Account Executive
Phone: (888) 272-6926
www.longleaftrading.com
** There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data contained in this article was obtained from sources considered reliable. Their accuracy or completeness is not guaranteed. Information provided in this article is not to be deemed as an offer or solicitation with respect to the sale or purchase of any securities or commodities. Any decision to purchase or sell as a result of the opinions expressed in this article will be the full responsibility of the person authorizing such transaction.
I would be interested in options on precious metals. I know that metals are going higher and would like to find the best way to take advantage with less than a lot of capital.
Intermediate and long term track record, please? If not able to submit, why not?? I want to know how a service has performed during a very nasty bear market, if they did nothing but stay bullish, why should I listen to them at any point now or in the future. Thank you.