“Woe to the land whose king is a child and whose leaders are already drunk in the morning. Happy the land whose king is a nobleman, and whose leaders work hard before they feast and drink, and then only to strengthen themselves for the tasks ahead”. (Eccl 10: 16-17)


"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat


In every stage of these Oppressions We have Petitioned for Redress in the most humble terms: Our repeated Petitions have been answered only by repeated injury. A Prince whose character is thus marked by every act which may define a Tyrant, is unfit to be the ruler of a free people. Source – The Declaration of Independence

Thursday, February 10, 2011

4 Hour Silver Chart

This shorter term silver chart gives you a pretty good indicator of at what level the sellers are surfacing. You can see that silver is having a bit of difficulty holding above the $30.25 level. We did get one push through there that took it up as high as $30.50 but it faded and has not since been able to push any higher than that $30.25 level.

This needs to be cleared on good volume for another run towards $30.50 which is acting as overhead resistance for any move towards the recent peak above $31.

So far its dips are attacting buying below $29.75 which is a real plus for the market. If it could actually consolidate a bit near these levels it would actually be a bit more healthy than if it took off on a headlong tear higher. Any consolidation would help us discover at what level the market in general is viewing silver as having value.
Posted by at

3 comments:

  1. Thank you for your insight, it helps me with some on my conclusions.

    ReplyDelete

  2. It's strange, some people think the longer it hangs out in a range the worse things are looking. I was glad to read that you see it more as a healthy sign, it makes me feel a little more optimistic about the possibilities of eventually moving higher from here.

    ReplyDelete

  3. Nice channel support too on the 4 hour. I like watching the 4 hour and glad you saw the same things.


    http://www.screencast.com/users/Jayhawk1991/folders/Jing/media/17eb3217-c862-4c0e-b3e3-adf5aee42d80

    ReplyDelete

Subscribe to: Post Comments (Atom)