Review of $0$ XAG/USD - SILVER Spot/SILVER FUTURES (XAG USD)
as of Wednesday, September 21, 2011
Today's Price Action
Change -0.1300 (-0.33%) prices closed lower than they opened. with weak Bids going into the close.
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. It then signifies that the momentum may be shifting from the bulls to the bears.
If the engulfing bearish pattern occurs during a downtrend (which appears to be the case with $0$ XAG/USD - SILVER Spot/SILVER FUTURES), 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.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
MARKET SENTIMENT
PulseScan Swing Vix
PulseScan: -31.58
Swing Vix: -28.50
The Market Pulse is negative since it is trading below its zero signal line.The PulseScan crossed below the Swing Vix creating a DOWN Trend Channel as of 8 period(s) ago. The Swing Vix is below -29. This is where it usually forms Support. The Swing Vix usually forms Support before the underlying security.
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 45 period(s) Ago.
The Swing Vix has just reached its lowest value in the last 14 period(s). This is bearish.
*Since the last Swing Vix signal, $0$ XAG/USD - SILVER Spot/SILVER FUTURES's price has decreased 4.80%, and has ranged from a high of 42.78 to a low of 39.03.
MOMENTUM
MARKET TREND - Currently the TREND is Slightly Bullish - .
TREND STRENGTH - WEAK - RANGE BOUND (Prices have ceased trending and have become consolidated at this time) The market has put in a short term top. This means that the bulls are liquidating long positions thus taking some profit off the table.,,BULLISH MOMENTUM,
TRENDLINE RETRACEMENT
The close is currently Above it's PulseWave Cycle TRENDLINE RETRACEMENT. - 35.16
The close is currently Above it's Long Term TRENDLINE RETRACEMENT. - 33.76
INTRADAY PRICE PROJECTIONS
RESISTANCE 40.85 -
SUPPORT 39.37 - GO SHORT here 38.62 - place stoploss here 41.30
WEEKLY PULSE WAVE PRICE PROJECTIONS
PulseWave BreakOut RESISTANCE - 44.75- GO LONG here 44.75 place stoploss here 38.62
PulseWave BreakOut SUPPORT - 37.04-
MONTHLY PRICE PROJECTIONS
BULL MARKET UPTREND - (12-18mo) PRICE TARGET = 79.14
Long term Trend Line resistance is currently at - 49.82
Long term Trend Line support is currently at - 35.16
VOLATILITY
On 9/21/2011, $0$ XAG/USD - SILVER Spot/SILVER FUTURES closed
above the lower band by 15.0%.
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