Chris Vermeulen: Silver Is A GIFT Right Now And Any Time Spent Below $16.50 Is A FIRE SALE
Chris says we must learn to play the price moves to our advantage. Here's how Chris is doing just that...
by Chris Vermeulen of The Technical Traders
Our recent silver analysis could not have been more accurate. Please take a minute to read it before you continue reading the rest of this post if you have not already done so. The Silver price breakout, to near $17.20, last week was incredible. It established a new Fibonacci price trend, established a downward channel price breakout, coincided with a Pennant/Flag price formation breakout and the wave count of this Pennant Flag breakout was perfect.
Our research indicated that after this $17.20 price breakout happened last week, any retracement below $16.75 while price held above support near $16.00 would constitute a "BUY ZONE" where traders could begin accumulating physical metal or equity shares. The move lower today in Silver, which is related to the US Dollar and Bond yields move today, may be an absolute gift for metals traders. We mean this could be a "fire sale" type of gift if prices continue to stagnate below $16.50 for a few days.
As much as I would like to tell you that Silver is rocketing higher as we predicted, we have to learn to play these price rotations to our advantage - especially when the markets are handing you opportunities like this. Again, $16.00 is our support level currently. Anything below $16.75 and above $16.00 is our BUY ZONE. We are waiting to see how the market this week before we make a decision on accumulation, but this looks like an excellent opportunity to consider adding to our existing positions/physical holdings if one has the opportunity. Remember, the upside potential of this move could be as much as 25~70%.
If you want to know how to take advantage of these moves and stay ahead of the markets, then visit our website to learn how we help our valued subscribers find and execute success every month. These types of tools are only one component of what we offer our members - we also offer Daily video analysis of the market, advanced research posts, Daily updates and more. We know we are the only research team that can offer you these types of advanced predictive modeling systems. If you have ever wanted to know what the markets are going to do with relative certainty, join us today.
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Chris Vermeulen has been involved in the markets since 1997 and is the founder of Technical Traders Ltd. He is an internationally recognized technical analyst, trader, and author of the book: 7 Steps to Win With Logic
Through years of research, trading and helping individual traders around the world. He learned that many traders have great trading ideas, but they lack one thing, they struggle to execute trades in a systematic way for consistent results. Chris helps educate traders with a three-hour video course that can change your trading results for the better.
His mission is to help his clients boost their trading performance while reducing market exposure and portfolio volatility.
He has also been on the cover of AmalgaTrader Magazine, and featured in Futures Magazine, Gold-Eagle, Safe Haven,The Street, Kitco, Financial Sense, Dick Davis Investment Digest and dozens of other financial websites.