After February's rally, a
needed 'pause that refreshes'
Clif Droke
SSR snippet
March 21, 2005
Below is
an extract from Clif Droke's latest Silver Strategies Review.
You can subscribe to the
Silver
Strategies Review here,
When
we last looked at the price of
silver last month it was hovering around the $6.50 level and
all indications were that silver had become deeply oversold and
was primed for a relief rally in coming weeks. Silver subsequently
took off to test the $7.50 resistance area and ended the week
of March 18 at $7.39.
Silver is now above its vital 10-week, 20-week, and 30-week moving
averages with the 10-week MA trending higher. This indicates
that silver's short-term trend is still technically up, although
the past couple of weeks have seen silver consolidate its recent
gains.
The white metal still looks like it has supply-related issues
to deal with in the month ahead and there are likely to be some
bumps in the road along the way, but a test of the $7.75-$8.00
area in coming weeks is possible based on the charts.
Pivotal support for silver should be monitored closely in the
coming weeks during pullbacks. This support is at the $7.00-$7.10
area where the 10-week moving average intersects the 30-week
MA.
Lots more follows for subscribers.
You can subscribe to the Silver Strategies Review here,
--Clif
Droke
Publishing Concepts
website: http://www.clifdroke.com/
email: clif@clifdroke.com
Clif Droke
is the editor of several subscription services including:
1) The Gold
Strategies Review,
a monthly forecast & analysis of gold and silver futures
and precious metals stocks. Published online. $200/yr.
2) The Durban
Roodepoort Deep (a.k.a. The DROOY Report) for traders,
published online every trading day.
Aimed at
serious day and short-term traders of Durban Deep and followers
of the XAU & HUI index. DROOY Subscribers are billed monthly
$50/month.
Two
week 'trial' subscriptions now available $25, here.
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