Monday, August 22, 2011

Silver uptrend meets targets

Breakout from a rectangle in daily Silver has met the pattern target of 65,300 approx. Silver can of course continue going up, but at least its target price has been touched. Chart given below. Once a target is met, then I switch to short term averages to look for an exit. I will exit completely if the 8 period linear regression turns down.

2 comments:

RS said...

Hi Sir,

I am an ardent follower of yours. I mean, as you always say, don't follow nebody to the "T", I would rather say, I respect your views a lot.

Meanwhile, Sir, if possible, could you please elaborate a bit on the SIlver's target. How did u calculate that. fibonaccci extension or something like that. Would be of great help. And also, please explain a bit on 8 period linear regression too.

Warm regards
Rishabh

a said...

sir dont you see a bullish cup and handle pattern in the u shaped base and the rectangle.even the volume actions have been similar to a bullish cup and handle..dont ya think there s a lot of accumulation taking place...targets please