Shooting (Silver) Star - Watch out below!
Silver has had an incredible rally the past few weeks, but is has now formed a bearish Shooting Star. This could mark a new higher high (HH) and a possibility of going lower, making a new higher low (HL) around 17-18 dollars/oz. RSI is also indicating it is strongly overbought (RSI @ 84)
Because it probably has started a major overall bull market, a short position should be kept small IMHO. A retracement from here would also provide a great buying oppurtunity for longs, physical and mining stocks.
Wait for a confirmation tomorrow with a close below the Shooting Star.
Because it probably has started a major overall bull market, a short position should be kept small IMHO. A retracement from here would also provide a great buying oppurtunity for longs, physical and mining stocks.
Wait for a confirmation tomorrow with a close below the Shooting Star.
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