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Why Silver's Small Rally Packed a Big Punch

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January 18, 2017 - 11:20pm

Silver futures sold off hard Wednesday after peaking around mid-session, but not before generating the most promising bullish impulse leg that we’ve seen in a long while. Notice in the chart that the modest rally, which lasted for just a couple of hours, exceeded two prior peaks stretching all the way back to mid-November. This implies that there’s some real power pushing silver higher, notwithstanding the whipsaw price action that concluded the day. It also implies that any weakness in the days or even weeks ahead is corrective and therefore a potential buying opportunity. We’ll be looking to use the lows labeled in green to create trade set-ups that can significantly reduce entry risk. Stay tuned to the chat room for further guidance in real time. If you don’t subscribe, click here for instant access and a free two-week trial to the room, to Rick’s daily trading ‘touts’, and to all features of the service. It's geared to traders of stocks, mini-futures, ETFs, options and commodities.

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About Rick Ackerman

Rick's Picks publishes stock, commodity, and mini-index trading recommendations and forecasts based on a proprietary technical analysis method that took more than ten years to develop and hone.

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