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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Slumdog who wrote (18865)	3/24/2017 12:12:25 PM
From: John Pitera	4 Recommendations Read Replies (2) of 33421

Updated Silver analysis...comprehensive Fibonacci and time frame review. silver has been having a good day...when silver does well.. . gold should follow.... 15 minute May silver Daily silver over 1 % so far today... looking pretty good technically Here is a 1 year Daily Chart of Silver.....$17.78 has two different Fibonacci cluster levels at that area it it a 50% retracement of the decline from July 5th 2016 @ 21.22 and the Dec 20th 2016 low of $15.67. While also being a .a .382 retracement of the advance from the Dec 20 2016 low of $15.67 to the 2/27/17 high of $18.54. So This $17.78 level is an important technical level and you can see how it was sold at precisely that $17.78 price to the penny. The $21.22-23 level is of super importance as it is a vital .618 retracement of the entire bull move in Silver please look at the monthly chart below. you notice how silver has been riding along up it's 50 dma before moving higher today. A move above this level then has resistance at the 200 dma at 18.09 which does has not been a dominate influence on silver this past year.... the $18.54 level is the near 2/27/17 high... a really bullish break would be above the 50 week moving average which is seen below. Silver sold at the Double FIbonacci cluster of $17.78 to the penny. The 45 Year Long term Monthly chart of Silver shows that it has been getting support at it's 20 month Moving Average and has been being sold at it's 50 month MA. which is currently @ $18.37 a move above this level and the $18.54 high would then set us up for a move back above $20.00 towards the July 5th 2016 high the High of $21.23 is the Ultra important .618 retracement of the entire bull move from $3.51 in 1991 up to the high of $ 49.82 on 4/25/2011!! a move above 21.23 , as we can see looking at the long term chart has very little resistance until we get to the 50% retracement at $26.60. John

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