You’ve got to admire the pluck the futures showed last week in repelling an assault by sellers that should have pushed the August contract down to at least p=25.69. That would have been a great place to attempt bottom-fishing, but the fact that we were denied the opportunity can and should be construed as bullish. Assuming the upthrust that ended the week starts the new one by taking out some minor ‘external’ peaks, we should be able to devise some ‘mechanical’ set-ups for some profitable rides higher as the futures bid fair to wreck the bearish pattern shown in the inset. Zoom the rightmost abc on the hourly chart down to the 15-minute chart or so (A=25.92 on 7/9 and at 9:00 a.m. ET) and you’ll have your starter kit. This will be a high-odds trade for Sunday night-owls, since the competition, emerging from weekend lethargy, will not be looking for a buy signal quite this subtle. Here’s a chart to help guide you. _____ UPDATE (Jul 12, 7:07 p.m. ET): The futures didn’t dip low enough to trigger the trade, but an alert chat-room denizen flagged another that would have produced a $3000-or-more profit on four full-size contracts in a little more than two hours. Check his post at 10:19 a.m. to determine whether the opportunity would have suited you. ______ UPDATE (Jul 15, 5:55 p.m.): Silver is in an uptrend, although you’ll need sensitive equipment to detect it. The pattern shown here, with a 27.15 target, looks very promising for trading and predicting. It already signaled a ‘mechanical’ entry on Wednesday that was worth a quick $6800 to anyone who bought four lots ‘mechanically’ on the ‘textbook’ pullback to the green line.
SIU21 – September Silver (Last:26.33)