News 
Market Data 
Discover
Replies to post #1546 on Silver Futures Index $SILVER (SILVER)
Silver; Mother of all bullish “Cup & Handle” patterns? https://t.co/VbAfCBPi7P pic.twitter.com/R0nAzEmuKZ
— Chris Kimble (@KimbleCharting) February 25, 2018
03/03/18 5:09 PM
THE ANALYSIS PERSPECTIVE AS OF THE CLOSE OF Fri. Mar. 2, 2018: NY Silver COMEX Futures closing today of 164660 so far is trading down about 3.96% for the year from last year's closing of 171450. So far, we have been trading up for the past day since the reaction low made on Thu. Mar. 1, 2018, but the key low was made 15 days ago on Fri. Feb. 9, 2018 at 161300. Applying 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 April in NY Silver COMEX Futures so be focused. Last month produced a low at 161300 and so far, we are trading neutral within last month's trading range of 173750 to 161300. 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.
Focusing on 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. Concentrating on 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.
Focusing on 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. Concentrating on 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 neutral providing a mixed short-term posture for the market. Turning to the broader picture, our long-term trend is neutral while the cyclical strength indicator is bearish providing a mixed perspective of the market beyond the short-term.
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 3 weeks from the low of the week of February 5th, which has been a move of.0347 percent.
At this moment, this market is in a downward trend on all our indicators looking at the weekly level. Aiming on the direction of this trend, we have been moving down for the past 5 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 163400 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. Taking a broader view, this market is in a downward trend on all our indicators looking at the monthly level. Addressing the direction of this trend, we have been moving down for the past 5 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. 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 162250 on a closing basis.
