SIZ11

SIZ11 – December Silver (Last:32.405)

– Posted in: Current Touts Rick's Picks

Achieving a modest rally target at 32.775 is proving to be quite a task, although a newly feisty gold appeared to be tugging this vehicle higher early Tuesday evening.  The midpoint resistance associated with 32.775 lies at 32.110, and so any slight progress above it would have tradable implications for the near term.  Ideal camouflage would come from a stab higher that creates a minor 'B' peak between 32.150 and 32.285.  For your guidance, I have sketched this out hypothetically in the chart. _______ UPDATE (10:27 a.m. EST):  The rally was too quick and strong to catch via camouflage, gapping through a hypothetical entry point at 31.445 that triggered around 8:05 a.m.  The camo pattern went on to exceed its target by a country mile, creating a larger pattern with a target, unachieved at this moment, of 32.990. The action remains bullish because the larger pattern has exceeded its 32.440 Hidden Pivot midpoint. The futures are oscillating around this number at the moment and are therefore a 'camo' buy.

SIZ11 – December Silver (Last:31.800)

– Posted in: Current Touts Rick's Picks

Use the 31.755 target of the pattern shown to buy four contracts with a three-tick stop-loss. If the order fills and survives till morning, I will post further guidance. However, you should take half the position off if it goes in the black by nine ticks (i.e., 4.5 cents), and stop yourself out of the rest if a downtrend generates a bearish impulse leg on the three-minute chart. _____ UPDATE (2:09 p.m. EST): Around 1 a.m., the futures did indeed take a tradable, 5-cent bounce from 31.750, implying that you would have bought as advised and taken profits on half the position on the brief rally that followed, only to see the futures dive to lower lows, stopping you out, overnight. Officially, I'll score the trade as a scratch.

SIZ11 – December Silver (Last:30.950)

– Posted in: Current Touts Rick's Picks

A well-advertised correction target at 28.385 still beckons and should be used as a minimum downside target for the near term. There is a faint glimmer of encouragement in the December contract's failure on Friday to penetrate the 30.945 midpoint support of the pattern shown.  If it ultimately gives way, however, its sibling 'D' target at 28.855 would be in play.  You could bottom-fish there with risk very tightly managed, but at that point the 28.835 pivot would have become strongly magnetic. _______ UPDATE (10:24 a.m. EST): A minor-trend rally points to at least 32.440, but there is further encouragement in that it has already surpassed the 32.130 midpoint resistance of a larger pattern projecting to 33.325 (60m, A=30.650 on 11/21). For now, let's root for a push to at least 32.625, since that's what it will take to renew the bull trend on the hourly chart.

SIZ11 – December Silver (Last:32.600)

– Posted in: Current Touts Rick's Picks

Tuesday's rally was sufficient to lift our immediate gaze to 33.535, a Hidden Pivot midpoint of a large pattern on the intraday charts with potential to as high as 36.415, its 'D' sibling (see inset).  Please note, however, that the modest promise of this uptrend does not negate the more likely scenario of a drop to at least 28.385, an important midpoint support identified here earlier.  For purposes of bottom-fishing, night owls can use a small, impulsive rally on the 15-minute chart that has already created an A-B leg with coordinates, respectively, at 32.105 (11:45 a.m. EDT) and 33.040.

SIZ11 – December Silver (Last:32.015)

– Posted in: Current Touts Rick's Picks

I've flagged an important Hidden Pivot midpoint at 28.385 that remains viable as a minimum downside objective for now. However, bulls would hint that they're capable of turning things around sooner on a print today above 32.675, a peak on the 5-minute made last Thursday on the way down.  A more decisive, bullish verdict would be rendered with an impulse leg on the hourly chart that exceeds 33.265.

SIZ11 – December Silver (Last:33.805)

– Posted in: Current Touts Rick's Picks

Although Silver has lagged Gold on recent rallies, its immediate downside potential doesn't look quite as precarious.  A Hidden Pivot support at 32.795 is where the December contract seems likely to find traction if it falls, and that's where I'd suggest bidding -- tightly stopped -- if the opportunity should arise. I'm not even featuring an upside target today because the rallies have looked so punk, but if bulls should come to life, they'd be in good shape hovering just beneath last week's 35.350 high at the bell.

SIZ11 – December Silver (Last:34.360)

– Posted in: Current Touts Rick's Picks

Like December Gold, December Silver failed yesterday by two ticks to surpass an obvious external peak, consigning the futures to tedium for the remainder of the session. The bigger picture is less bullish than gold's, however, and so the latter will likely have to pull the former higher today if bulls are going to romp. That would imply minimum upside in this vehicle to 35.540 (30m, A=33.130 on 11/10).

SIZ11 – December Silver (Last:34.100)

– Posted in: Current Touts Rick's Picks

Seen from a distance (see inset), a bearish pattern auguring a fall to at least 28.385 is sufficiently distinctive to be called compelling.  Bulls could remedy this -- or at least reduce the odds -- with a thrust above the 36.680 nubbin highlighted in the chart. However, the longer the futures hover without having done so, the heavier they will become. The picture would be less bearish if the correction had exceeded an external peak. In fact, there are none until 40.780.