Articles


  • Silver under technical microscope!



    Silver has been able to breach through horizontal support line at 18.65 in September 2014 as seen on the provided weekly graph.

    This significant breakout was a good signal for sellers who added further quantities for short positions started in July 2014, while large number of traders have joined them after achieving a weekly closing below the aforesaid broken support.

    Adding Ichimoku indicator to our weekly graph shows that, silver has come below Tenkan-Sen and Kijun-Sen since the first week of August; whilst traders succeeded in hauling the metal comfortably below Senkou Span one month earlier.

    Trading Strategy:

    Placing a short-term sell limit order at 15.75 with targets at 12.50 and stop loss at 17.90 could be appropriate.

    Notes:

    Tenkan Sen (red line) represents the average of highest high and lowest low for the past nine periods) has crossed over negatively below Kijun Sen(blue line which is the base line and is derived by averaging the highest high and the lowest low for the past 26 periods) in the third week of January. This is the first bearish sign we can get from the indicator over medium term basis although gold is currently attacking it.
    Chikou Span (green line) is a lagging line that represents the last closing price plotted 26 periods behind) has also breached Tenkan and Kijun Sen in the second week of August 2012 and this is the second negative sign.
    Senkou   Span (cloud) Contains two types of clouds; the first is the up Kumo which is calculated by averaging the Tenkan Sen and the Kijun Sen and plotted 26 periods ahead. The second is the down kumo and is determined by averaging the highest high and the lowest low for the past 52 periods and plotted 26 periods ahead. It has covered the price since the second week of February 2013 and this is the third bearish sign over weekly basis.


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