Review of $AGQ - PROSHARES ULTRA SILVER ETF (AGQ)
as of Tuesday, December 07, 2010
Today's Price Action
Change -15.3550 (-10.01%) prices closed lower than they opened. with weak Bids going into the close.This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are "high," it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
An engulfing bearish line occurred (where a black candle's real body completely contains the previous white candle's real body). The engulfing bearish pattern is bearish during an uptrend (which appears to be the case with $AGQ - PROSHARES ULTRA SILVER ETF). It then signifies that the momentum may be shifting from the bulls to the bears.
If the engulfing bearish pattern occurs during a downtrend, it may be a last engulfing bottom which indicates a bullish reversal. The test to see if this is the case is if the next candle closes above the bottom the current (black) candle's real body.
MARKET SENTIMENT
PulseScan Swing Vix
PulseScan: 35.73
Swing Vix: 36.46
The Market Pulse is positive since it is trading above its zero signal line.The PulseScan crossed below the Swing Vix creating a DOWN Trend Channel as of 0 period(s) ago. This means that negative momentum has entered the market. Expect sideways to lower prices within the next 3-5 daysHowever, the Swing Vix just crossed below 39 from a topping formation. This is a bearish sign.
A buy or sell signal is generated when the Swing Vix moves out of an overbought/oversold area.
*The last signal was a Over-Bought Sell 0 period(s) Ago.
The Swing Vix does not currently show any Failure Swings.The Swing Vix and price are not diverging.
*Since the last Swing Vix signal, $AGQ - PROSHARES ULTRA SILVER ETF's price has been unchanged, and has ranged from a high of 158.2300 to a low of 137.1400.
MOMENTUM
MARKET TREND - Currently the TREND is VERY-BULLISH - Heavy Accumulation.
TREND STRENGTH - STRONG - Bullish Trend,
TRENDLINE RETRACEMENT
The close is currently Above it's PulseWave Cycle TRENDLINE RETRACEMENT. - 99.8900
The close is currently Above it's Long Term TRENDLINE RETRACEMENT. - 75.4472
The close is currently Above it's Intermediate Term TRENDLINE RETRACEMENT. - 108.2704
The close is currently Above it's Short Term TRENDLINE RETRACEMENT. - 137.1776
INTRADAY PRICE PROJECTIONS
RESISTANCE 153.4847
SUPPORT 141.8853
WEEKLY PULSE WAVE PRICE PROJECTIONS
PulseWave BreakOut RESISTANCE - 158.2300
PulseWave BreakOut SUPPORT - 119.1600
MONTHLY PRICE PROJECTIONS
BULL MARKET UPTREND - (12-18mo) PRICE TARGET = 274.9100
Long term Trend Line resistance is currently at - 158.2300
Long term Trend Line support is currently at - 99.8900
MONTHLY PRICE PROJECTIONS
BUBBLE PHASE 3 - (72mo+) (TULIP CRAZE CRASH IMMANENT) PRICE TARGET = 624.9500
BUBBLE PHASE 2 - (42-60mo) (MARKET FRENZY BUYING) PRICE TARGET = 508.2700
BUBBLE PHASE I - (24-36mo) PRICE TARGET = 391.5900
VOLATILITY
On 12/7/2010, $AGQ - PROSHARES ULTRA SILVER ETF closed
below the upper band by 26.9%.
This combined with the steep uptrend suggests that the upward trend in prices has a good chance of continuing. However, a short-term pull-back inside the bands is likely.
General Advice Disclosure:
Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents.
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