Silver Close Monday March 7th

Silver prices move higher once again on Monday and moved above the upper red channel line in price reaching 36.71 before a closing pullback to 36. The chart pattern looks similar to the Feb 21st high. First Support going into Tuesday is the upper channel line in the 35.70-35.80 -- but an upper channel line is usually a tough area to hold. More important support is the lower line at the 33.50-34.00 area. Short term price cycles have a tendency to enter pullback mode during this time portion-- but with the situation in these markets and the uptrend in price --- they certainly can be overpowered. Price is overbought in the short term --- but as long as price is above the lower red trend line the uptrend is intact. A pullback to the lower trend line would alleviate some of the over bought short term condition. Thus while the trend is up -- a pullback near this price and timeframe would not be out of the ordinary..... but the trend is still up.

1 comment:

sierra_hpbt said...

thank you much appreciated.