NY Silver COMEX Futures Analysis By: Marty Armstrong | September 2, 2017
Analysis for the Week of September 4, 2017
As of the close of Thu. Aug. 31, 2017: The market is in a bullish posture near-term suggesting it is holding trading above the December 2016 high. Projected technical Resistance stands tomorrow at 176952 and 175752. Opening above this area will cause it to become support. Projected technical Support tomorrow lies at 173402 and 175102. Naturally, opening below this area will cause it to become resistance.
We should see a trend change come this month in NY Silver COMEX Futures so pay attention to events ahead. Last month produced a high at 176950 and so far we are trading neutral within last month's trading range of 176950 to 160950. We need to breakout of this range to confirm the direction. Therefore, a close above will be bullish and a close below will warn of a possible decline.
NY Silver COMEX Futures closed today at 175750 and is trading up about 9.91% for the year from last year's closing of 159890. So far, we have been trading up for the past 4 days since the reaction low made on Fri. Aug. 25, 2017, but the key low was made 38 days ago on Mon. Jul. 10, 2017 at 151450.
The Daily level of this market is currently in a full bullish immediate tone with support at 174800
On the weekly level, the last important low was established the week of July 10th at 151450, which was down 12 weeks from the high made back during the week of April 17th. We have been generally trading up for the past 7 weeks from the low of the week of July 10th, which has been a move of 15% percent. Looking at the longer-term monthly level, we did see a correction from the key high of April for 3 months. Since that low, however, we have consolidated for 1 month.
Critical resistance still stands in this market at 177760 and a break above that level on a monthly closing basis would warn of a continued advance becomes possible.
My analytical long-term projection recognizes that the current bullish progression in NY Silver COMEX Futures reflects a major low may be forming since we have not elected any Yearly sell signals on our model. Furthermore, the NY Silver COMEX Futures remains somewhat neutral at this present moment trading within last year's range of 212250 and 137300. Presently, we have made a reaction low in 2015 which was a 4 year decline. Since that reaction low of 2015, this market has bounced for 2 years, but it remains still within last year's trading range of 212250 to 137300. Keep in mind that we may yet complete the decline to a new low this year if we do not exceed last year's high of 212250 and close above the Yearly Bullish Reversal at 185060.
To date, this market has not breached any long-term support which begins at 83000 on an annual closing basis. Overhead key resistance within this trend stands at 185060, while support immediately lies down at 83000 on an intraday basis. So far, this market has remained in a bearish tone since the 498200 major high established back in 2011. To date, this qualifies as a one moneth knee jerk reaction to the upside from the July low in NY Silver COMEX Futures. A monthly closing below 160950 would technically warn of a resumption of the downtrend.
Looking at the immediate momentum is Bullish on the weekly level yet we did penetrate the week of August 21st's low. This is warning to pay attention since last month had closed higher so the upward momentum is weak on the monthly level. Currently, the market in technically neutral since it is still trading inside last year's trading range. On the weekly level, the last week of 8/28 was an outside reversal to the upside which is implying we have a bullish bias currently. For now, this market in an uptrend posture looking at the weekly level. We see here the trend has been moving up for the past 7 weeks. The last weekly level low was 151450, which formed during the week of July 10th. The last high on the weekly level was 177450, which was created during the week of June 5th. For now on a broader perspective, this market in an uptrend posture looking at the monthly level. Here we have rallied for the past month. The last monthly level low was 143400, which formed during July. The last high on the monthly level was 186550, which was created during April. However, we still remain below key resistance 176350 on a closing basis.
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