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Silver looks like it is at a very interesting point now. Prices are at the
top of a downward sloping channel which also is doubling as the neckline of
a head and shoulders pattern, there is a bearish divergence on the macd, and
prices are stalled over the last few days at a fib resistance line.
I am looking at two opportunities here:
1) If prices fall to 516 that would penetrate a 20 MA on my charts and
validate the divergence. I would be looking for prices to head to the last
major resistance of around 490 which was also the point of a failed
penetration of an inverted head and shoulders back in the first week of
June.
2) A strong up day move and close above 538 would have me looking for prices
to head to around 588 based on the h/s measurement.
Any thoughts?
Jack
----- Original Message -----
From: gary bodnar <gbodnar@xxxxxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxx>
Sent: Sunday, July 11, 1999 7:00 PM
Subject: GEN. What's gonna be hot this week?
> For my two cents worth, 7/14 is the next "hot" day for the silver
> market.. If the price goes down or stays the same, it is likely that the
> silver will head down to the 5 dollar range until the next hot day which
> is 7/28. I know that the liquidity in silver is terrible..but I believe
> that there is a base building up..
>
> Respectfully yours
> Gary Bodnar
>
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