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Replies to post #1541 on Silver Futures Index $SILVER (SILVER)
02/24/18 7:39 AM
WRITTEN VIEW PER THE CLOSE OF Fri. Feb. 23, 2018: NY Silver COMEX Futures closing today of 164840 so far is trading down about 3.85% for the year from last year's closing of 171450. So far, we have been trading up for the past 2 days since the reaction low made on Wed. Feb. 21, 2018. Making use of our Reversal System, our next Weekly Bullish Reversal to watch stands at 172500 while the Weekly Bearish Reversal lies at 160400. This provides a 7.01% 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 high at 177050 and so far, we have broken beneath last month's low 167350 closing yesterday at 164840. We now need to close beneath 167350 on a monthly basis to imply a technical reversal of trend to the downside for now. Since we are trading below that level, caution is advisable.
Observing 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. However, from 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.
Observing 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. Now bearing in mind 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 is bullish while the trend indicator is bearish providing a mixed short-term posture for the market. Turning to the broader picture, our long-term trend and cyclical strength indicators are both bearish reflecting resistance forming at 163850.
On the weekly level, the last important high was established the week of January 22nd at 177050, which was up 6 weeks from the low made back during the week of December 11th. We have been generally trading up for the past 2 weeks from the low of the week of February 5th, which has been a move of.0362 percent.
At this moment, this market is in a downward trend on all our indicators looking at the weekly level. On the subject of the direction of this trend, we have been moving down for the past 4 weeks. The last high on the weekly level was 177050, which was created during the week of January 22nd. The last weekly level low was 156350, which formed during the week of December 11th, and only a break of 162800 on a closing basis would signal serious correction ahead. However, we still remain below key support and key resistance now stands at 169850 above the market.
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. Nevertheless, at this time, the market is still holding. For now on a broader perspective, this market in an uptrend posture looking at the monthly level. We see here the trend was moving up for 6 months before the recent decline. The last monthly level low was 143400, which formed during July 2017, and only a break of 156350 on a closing basis would signal serious correction ahead. The last high on the monthly level was 182900, which was created during September 2017, and the market has turned lower falling to 161300. However, we still remain below key resistance 177450 on a closing basis.
