Silver – Key Support after Dive
January 25th, 2010 admin
Price action on spot silver, a daily chart of which is shown, took a steep dive for most of last week after reaching resistance around the 18.80 price region. Price at that level approached, but fell short of, the 19.40 region long-term high that was reached in early December 2009. Currently, the price decline of last week has brought silver down to approach key support in the 16.70 price region. In the process, it has also formed the rough pattern of a head-and-shoulders formation, with price currently around the region of the neckline. For more technical analysis on this currency pair, please click here for Monday’s (1/25/2010) Chart of the Day . James Chen, CTA, CMT * For information on my …
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Price action last week on spot silver, a daily chart of which is shown, broke down below a rough head & shoulders pattern neckline as well as key support in the 16.70 price region. At the end of last week, price had reached the noted downside support target of 16.00, approaching the bottom support border of a key parallel uptrend channel....
Price action on EUR/JPY, a daily chart of which is shown, has made a tentative breakout above the horizontal neckline of a well-formed inverted head-and-shoulders formation (a bullish reversal pattern). This neckline resides in the important 125.00 price region. The key initial upside target on this neckline breakout resides in the very significant...
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