Silver Forecast of June 27, 2014, Technical Analysis » Fx Empire …
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The silver markets tried to fall during the session on Thursday, but found the $21.00 level be far too supportive for the sellers to pick up any real traction. With that being the case, we have formed a hammer, and it appears that we will likely head towards the $21.50 level. On a break of the top of the candle for the session on Thursday, we are buyers for the short-term, recognizing that there will probably be plenty of “by on the dips” type of opportunities going forward for short-term traders. We have absolutely no interest in selling this market, because it has been so well supported and obviously bullish. In fact, we see support all the way down to the $20.00 level at the very least. Because of this, we are willing to buy supportive candles every time they get broken to the upside, and do believe that ultimately this market reaches the $22.00 handle, but the silver markets are notoriously choppy and erratic at times, so short-term traders will probably do best.
If you feel the need to get involved in do not have the account size or the ability to trade the futures contracts, CFD markets could be a great way to play silver without all of the risk. Another possibility is using the options market, perhaps selling puts or even buying calls depending on the premium needed or allotted. Another possibility beyond there would be to trade the SLV ETF, as it not only takes advantage of silver in its raw form, but also gives your exposure to silver-based companies. With that being the case, and you can mitigate some of the risk, as you spread where your money is going.
Anyway, we have absolutely no interest in selling this market, and quite frankly below the $20 level we see far too much in the way of noise below to feel comfortable being short of this market as obviously we have had a massive amounts of building momentum below, and we also believe that the low that happened early in the month of June is probably a cyclical low.
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Silver Forecast of June 27, 2014, Technical Analysis » Fx Empire …
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