{"id":37791,"date":"2016-03-09T00:09:45","date_gmt":"2016-03-09T05:09:45","guid":{"rendered":"http:\/\/www.ino.com\/blog\/?p=37791"},"modified":"2016-03-09T00:09:45","modified_gmt":"2016-03-09T05:09:45","slug":"silver-update-this-cup-should-refresh-bulls","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2016\/03\/silver-update-this-cup-should-refresh-bulls\/","title":{"rendered":"Silver Update: This Cup Should Refresh Bulls"},"content":{"rendered":"

\"Aibek<\/a><\/p>\n


<\/p>\n

Code Orange<\/h2>\n

In my previous post<\/a><\/strong> I warned bears to be alert to the changing trend as strengthening signals started to appear for Silver. This month I think the proper code for the current bear market is orange. The orange level requires sellers to be prepared for the anticipated worsening of conditions. <\/p>\n

Chart 1. Silver Monthly: Second Attempt to Break Up<\/h2>\n

\"Monthly
\nChart courtesy of tradingview.com<\/small><\/p>\n

I added the Fibonacci retracement level on the chart to show you how deep the silver price drop is. The 78.6% is usually the last level of correction, where most buyers have already jumped out of their long positions. The metal stopped falling right above it. For comparison, gold retraced only 50% of the rise and it has some room for further weakness.<\/p>\n

There is an area of multiple supports and I described them in my earlier posts: The 2006-2007 former resistance level, AB=CD level and the middle of the falling channel. The Fibonacci retracement level adds to the count and as you can see they had enough power to reverse the price up together.<\/p>\n

February has failed as the price lost a decent part of the gains at the end and the month closed below the trendline. This month the price is making a second attempt to break to the upside of the red downtrend. It is a multi-year downtrend and a break of it would lead to the quick reversal of the market. As I mentioned before, the first resistance is located at the peak of October 2015 at $16.34. The next is the area of the 2013-2014 consolidation low at the $18.5 level.<\/p>\n

Chart 2. Silver Daily: Bullish Cup And Handle Pattern<\/h2>\n

\"Silver
\nChart courtesy of tradingview.com<\/small><\/p>\n

For the first time in my posts, we see this interesting and rare pattern. The Cup and Handle pattern was brought to light by William O'Neil in 1988. As the name implies, this formation resembles the profile of a tea-cup with a handle on the right side as it was highlighted on the chart.<\/p>\n

Usually, it is a long-term pattern which sometimes can take 2-4 months to form. It took silver more than 100 days to shape the Cup on the chart above. However, it may occur during a one day period and can also be found on the hourly charts. <\/p>\n

Our pattern has already been fully shaped; we have a cup and a handle in place, and by the way, the handle in this pattern is also known as the Bull Flag pattern, which was broken up and now the price is moving back to the break point.<\/p>\n

The idea is to buy on the break of the Right Lip of the Cup above $15.93. To calculate the target, we should measure the depth of the cup from the Right Lip to the bottom of the Cup (which is $2.3) and add it to the Right Lip level. The target is located at $18.23 and you can book up to a 14% of the profit on the trade.<\/p>\n

The daily chart shows that the chances of a trend reversal are really high once this rare pattern develops. Let us live and see!<\/p>\n

Intelligent trades!<\/p>\n

Aibek Burabayev<\/a>
\nINO.com Contributor, Metals<\/p>\n

Disclosure: This contributor has no positions in any stocks mentioned in this article. This article is the opinion of the contributor themselves. The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. This contributor is not receiving compensation (other than from INO.com) for their opinion.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Code Orange In my previous post I warned bears to be alert to the changing trend as strengthening signals started to appear for Silver. This month I think the proper code for the current bear market is orange. The orange level requires sellers to be prepared for the anticipated worsening of conditions. Chart 1. Silver […]<\/p>\n","protected":false},"author":21,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6920],"tags":[6922,8346,8076,6714,8077,8259,294,6613,3034],"class_list":["post-37791","post","type-post","status-publish","format-standard","hentry","category-ino-com-contributors","tag-aibek-burabayev","tag-cup-and-handle-chart-pattern","tag-daily-silver-chart","tag-fibonacci-analysis","tag-fibonacci-extension","tag-monthly-silver-chart","tag-silver","tag-silver-forexxagusdo","tag-silver-analysis"],"yoast_head":"\nSilver Update: This Cup Should Refresh Bulls - INO.com Trader's Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2016\/03\/silver-update-this-cup-should-refresh-bulls\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silver Update: This Cup Should Refresh Bulls - INO.com Trader's Blog\" \/>\n<meta property=\"og:description\" content=\"Code Orange In my previous post I warned bears to be alert to the changing trend as strengthening signals started to appear for Silver. 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