Most Popular
1. Dow Max Drawdown Bear Stock Market 2022 - Accumulating Deviations from the Highs - 21st Feb 22
2.Putin Starts WW3 in Ukraine, Will Use Tactical Nuclear Weapons, China Prepares Taiwan Blitzkrieg - 28th Feb 22
3.World War 3 Phase 1 - Putin WINS Ukraine War! - 25th Feb 22
4.INVESTORS SEDUCED by CNBC and the STOCK CHARTS COMPLETELY MISS the BIG PICTURE! - 10th Feb 22
5.Will There Be A 2024 US Presidential Election? - 3rd Mar 22
6.Gold and SIlver, Precious Metals Sector Is at a Terrific Buy Spot - 6th Feb 22
7.Why Putin Wants the WHOLE of Ukraine - World War 3 Untended Consequences - 6th Feb 22
8.Dow Stock Market Expected Max Drawdown 2022 - 19th Feb 22
9.Stock Market Calm In the Eye of the Inflation Storm - 4th Mar 22
10.M = F - Everything is Waving! Stock Market Forward Guidance - 7th Mar 22
Last 7 days
Why Ray Dalio is WRONG About China - Principles for Dealing with the Changing World Order - 24th May 22
Globalists Convene to Plan Central Bank Digital Currencies - 24th May 22
After Recent Highs, What’s Next for the Gold Junior Miners? - 24th May 22
Why APPLE Could CRASH the Stock Market! - 21st May 22
Why Is Crude Oil Ignoring US Inventories? - 21st May 22
Here is Why I’m Still Bullish on Gold Mining Stocks - 21st May 22
THE INFLATION MEGA-TREND QE4EVER! - 20th May 22
US Real Estate Investors – Is There An End In Sight? - 20th May 22
How Technology Affected the Gaming Industry - 20th May 22
How To Set And Achieve Reasonable Goals For Your Company - 20th May 22
How Low Could the Amazon (AMZN) Stock Price Fall? - 19th May 22
Bitten by FANG? Clocked by Cryptos? -- 'Air Pockets' Everywhere - 19th May 22
Northern General Hospital Orthopedics Fractures and and Ankle Clinic Consultations Real Patient Experience - 19th May 22
Cathie Wood Goes All in on Teladoc, ARKK INSANE Noob Investing Strategy! - 17th May 22
This is Anything but Positive for US Housing Market - 17th May 22
What Should We Do If There Is No Fed Monetary Policy Pivot? - 17th May 22
All Possible Ways to Earn Free Litecoin - 17th May 22
How low Could the Amazon Stock Price Fall? - 16th May 22
Cathy Wood ARKK INSANITY There is NO Coming Back! - 16th May 22
NASDAQ 100 Stock Market LOWER LOWS & LOWER HIGH - 16th May 22
Sanctions, trade wars worsen US inflation - 16th May 22
AI Tech Stocks Earnings BloodBath Buying Opportunity - 14th May 22
Futures Contract – Trading Crude Oil With USO - 14th May 22
How to Get Kaspersky Internet Security for 80% Discount! Do not Pay Renewal Price! - 14th May 22
Sagittarius A* Super Massive Black Hole Monster at Centre of Our Galaxy REVEALED! - 14th May 22
UK Public Debt Smoking Inflation Gun - 13th May 22
What Happens When the Stock Market Dip Keeps Dipping? - 13th May 22
Biden Seeks Inflation Scapegoats; Gold Advocate Wins GOP Primary - 13th May 22
Apple and Microsoft Nuts Are About to CRACK and Send Stock Market Sharply Lower - 12th May 22
The War on Gold Ensures the Dollar’s Downfall - 12th May 22

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Silver Forecast - Bullish Pennant Pattern Developing

Commodities / Forecasts & Technical Analysis Oct 26, 2006 - 12:00 AM GMT

By: Nadeem_Walayat

Commodities

Silver recently followed the other commodities lower, such as gold and crude oil. But unlike gold, the price pattern is much more bullish, and resembles the Bullish Pennant, which is an strong and explosive bull pattern.

Silver Forecast - Bullish Pennant pattern Developing


Technical Analysis
1. Price Patterns & Support - The price pattern developing is the Bullish Pennant on break of the trendline at about 12.5, The pattern would target a move of the size of the pattern from the high of the pattern of about 5.50 so would target 18.00
2. MACD - (Bottom indicator) - The MACD has been unwinding its overbought state and is now ready to trigger a resumption of the bull market on a cross that is likely in the next 2 weeks.
3. Moving Averages - The 50 week average as consistently worked well as support and held the recent correction in check, also gives the market room to breath on the upside.
4. Trend lines - The trend lines offer support at 10.5 and resistance at 13.30, With the triggering trendlines from the recent lows and highs at 12.5 and 10.8
5. Time - The pattern is likely to be fulfilled within the next 2 or 3 weeks at most with an anticipated break to the upside.

Conclusion - Silver is targeting a resumption of the uptrend on a break above 12.50 to target 18, as long as the support at 10.5 holds. The pattern observed is likely to be fulfilled within 2 weeks, and 3 at the latest.

Buy Trigger - A break of $12.50
Target - First target $15, 2nd target $18.
Stop-Loss - Would be below the recent low, so $10.50.


Nadeem Walayat

(c) MarketOracle.co.uk 2005-2006

Disclaimer - This Forecast / Trade Scenerio is PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESSED OR IMPLIED, for general information purposes only and not a solicitation or recommendation to enter into any market position, and you are reminded to seek independent professional advice before entering into any investments or trading positions.
The Market Oracle is a FREE Financial Markets Forecasting & Analysis online publication. We aim to cut through the noise cluttering traditional sources of market analysis and get to the key points of where the markets are at and where they are expected to move to next
! http://www.marketoracle.co.uk

This article maybe reproduced if reprinted in its entirety with links to http://www.marketoracle.co.uk

 


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments


30 Oct 06, 03:25
Re: Silver Forecast - Bullish Pennant Pattern Developing

So how do I buy silver or gold ?



01 Nov 06, 13:56
Re: Silver Forecast - Bullish Pennant Pattern Developing

Have you heard of spread betting ? ;)



27 Nov 06, 00:37
Re: Silver Forecast - Bullish Pennant Pattern Developing

I just bought my first silver, it was from a dealer at a coin show. I researched and found out that there are coin shows once a month from a local coin club and you can buy bullion or coins, etc. No shipping costs and you pay in cash. I have never been so excited to own real wealth. Awesome feeling. Hope that helps, nobody advertises this on websites because there is really no incentive, but I think it would only help the price of Gold/Silver by providing a logical way to buy silver/gold, it's the same as going to the bank for fiat cash. That is how the mainstream thinks.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in