:::: NY Silver COMEX Futures Summary Analysis By: Marty Armstrong | April 28, 2018
Analysis for the Week of April 30, 2018
OUR ANALYTICAL OPINION AS OF THE CLOSE OF Fri. Apr. 27, 2018: NY Silver COMEX Futures closing today of 164060 so far is trading down about 4.31% for the year from last year's closing of 171450. Thus far, we have been trading down for the past 6 days, while we have made a low at 163850, consolidating thereafter for 1 day following the high established Thu. Apr. 19, 2018. Considering our Reversal System, our next Weekly Bullish Reversal to watch stands at 166760 while the Weekly Bearish Reversal lies at 162040. This provides a 2.83% trading range. Turning to the broader Monthly level, the current Bullish Reversal stands at 177460 while the Bearish Reversal lies at 161400. This, of course, gives us a broader trading range of a 9.04%.
The last event was a low established during 2016.
A possible change in trend appears due come this month in NY Silver COMEX Futures so be focused. Last month produced a low at 161000 and we need to penetrate that level on a monthly closing basis to suggest perhaps a further decline.
Viewing the near-term level, the market has closed up 25.8% from the last cycle low established during 2015, which has been only a 2 year rally from that event. Flipping to the long-term perspective, the market has still closed on the Yearly level up 389.1% from the strategic low established during 1991, which has been a 26 year rally from that key event.
Viewing the near-term level, the market has closed down 19.2% from the last cycle high established during 2016, which has been only a 1 year decline. Flipping to the long-term perspective, the market has closed on the Yearly level down 65.5% from the strategic high established during 2011, which has been a 6 year move.
Our Daily level momentum and trend indicators are both bearish reflecting resistance forming at 166400. Turning to the broader picture, our long-term trend is bearish while the cyclical strength indicator is neutral providing a mixed perspective of the market beyond the short-term.
On the weekly level, the last important high was established the week of April 16th at 173600, which was up 4 weeks from the low made back during the week of March 19th. We have seen the market drop shaply for the past week penetrating the previous week's low and it closed beneath that low which was 165450. This was a very bearish technical indicator warning that we have a shift in the immediate trend. We are still trading neutral on the Weekly Momentum Indicators and this is a warning that initial support has been breached. This strongly implies we should pay close attention now to the Weekly Bearish Reversals. If we begin to elect Weekly Bearish Reversals, then we are dealing with a more sustainable near-term correction.
At this moment, this market is in a downward trend on all our indicators looking at the weekly level. We can see this market has been down for the past week. The last high on the weekly level was 173600, which was created during the week of April 16th. The last weekly level low was 161000, which formed during the week of March 19th. That is critical technical support and a breach of that low would warn of the potential shift in near-term trend. However, we still remain above key support 161950 on a closing basis.
Some caution is necessary since the last high 182900 was important given we did obtain two sell signals from that event established during September 2017. Critical support still underlies this market at 160500 and a break of that level on a monthly closing basis would warn of a further decline ahead becomes possible. Taking a broader view, this market is in a downward trend on all our indicators looking at the monthly level. Eyeing the direction of this trend, we have been moving down for the past 6 months. The last high on the monthly level was 182900, which was created during September 2017. The last monthly level low was 143400, which formed during July 2017, and only a break of 161300 on a closing basis would signal serious correction ahead. However, we still remain above key support 162250 on a closing basis.
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must! • DiscoverGold
