{"id":39369,"date":"2016-07-11T11:00:22","date_gmt":"2016-07-11T15:00:22","guid":{"rendered":"http:\/\/www.ino.com\/blog\/?p=39369"},"modified":"2016-07-11T10:26:55","modified_gmt":"2016-07-11T14:26:55","slug":"silver-has-hit-the-target-and-marked-a-new-one","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2016\/07\/silver-has-hit-the-target-and-marked-a-new-one\/","title":{"rendered":"Silver Has Hit The Target And Marked A New One!"},"content":{"rendered":"

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


<\/p>\n

Silver has overshot the target set at the $20 mark in my June post<\/a> leaving the gold in the dust. The AB\/CD concept is simple yet effective as it utilizes perpetual Fibonacci ratios.<\/p>\n

Ok, that\u2019s done, but what is next? Let\u2019s look at the charts below. I put the monthly chart first to refresh the global outlook for the soaring metal.<\/p>\n

Chart 1. Silver Monthly: The Game Just Started!<\/h2>\n

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

The metal has finally shot above the black downtrend, which I was talking about in my March update<\/a>. It was a vital need for silver to break loose from the multi-year grip to stop the drop.<\/p>\n

The upside move was very clean from a technical point of view as the strong bullish April\u2019s candlestick was followed by a pullback candle in May, which almost fully retraced the previous candlestick. Then, in June, the market has shaped a very strong bullish candle; if the price would close at the high, we could call it \u201cMarubozu\u201d \u2013 the candle without wicks, just with the body, indicating a strong trade in one direction. The current candle is also good for bulls as it has no wick below the body as the open equals to the low, which shows the strong bullish determination of the market.<\/p>\n

The move to the upside just started as the main barriers are still ahead. We got a $10 area of several resistances on the upside (highlighted in blue rectangle). The first is the threshold of the black downtrend, which is located at the August 2013 high of $25.1. The next are resistances the Fibonacci retracement levels: $27.4 (38.2%), $31.7 (50%) and the $36 level (61.8%). All of these roadblocks can repel the bullish attack and we should watch closely after the price action around them. <\/p>\n

Chart 2. Silver Daily: The Pennant!<\/h2>\n

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

The daily chart above shows a very nice sharp angle of price advance relative to the angle of the orange support, which looks comparatively flat. Silver hit a new high last Monday at the $21.1 level amid Brexit nervousness. Then the market fell almost $2 into a consolidation to digest the upside jerk. The combination of lower highs and lows has shaped the \u201cPennant\u201d pattern. This is the first time we have witnessed this figure in my charts. It\u2019s a continuation pattern. The price has closed above the Pennant\u2019s upside on Friday. If Monday the open is above it then the pattern would be confirmed. The target is a sum of the Pennant\u2019s pole distance ($3.6) and the breakpoint ($20) and is equal to $23.6 as highlighted in blue on the chart above. <\/p>\n

Please look at the RSI\u2019s sub-chart. It has no sign of divergence with the price: higher highs and higher lows of the price have the confirmations on the RSI. It points at the continuation of the current trend. The RSI is above its orange uptrend and it has made a rattle-snake defensive posture before a fatal attack.<\/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":"

Silver has overshot the target set at the $20 mark in my June post leaving the gold in the dust. The AB\/CD concept is simple yet effective as it utilizes perpetual Fibonacci ratios. Ok, that\u2019s done, but what is next? Let\u2019s look at the charts below. I put the monthly chart first to refresh the […]<\/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":[6922,8440,248,3438,6714,6613,3034,102],"class_list":["post-39369","post","type-post","status-publish","format-standard","hentry","category-ino-com-contributors","tag-aibek-burabayev","tag-bull-flag-pattern","tag-candlestick-analysis","tag-chart-analysis","tag-fibonacci-analysis","tag-silver-forexxagusdo","tag-silver-analysis","tag-technical-analysis"],"yoast_head":"\nSilver Has Hit The Target And Marked A New One! - 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\/07\/silver-has-hit-the-target-and-marked-a-new-one\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silver Has Hit The Target And Marked A New One! - INO.com Trader's Blog\" \/>\n<meta property=\"og:description\" content=\"Silver has overshot the target set at the $20 mark in my June post leaving the gold in the dust. 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