$ Silver $

thanks for the chart ... maybe there is hope for the longs at these levels ...

 

a 9 handle appears to have stopped the bleeding....

78 mm oz in the SLV and 102 in the warehouse...

 

just wondering why 10.80?

 

10.80 appears to be chart resistance, 11.04 gap resistance and there are some fibo numbers above that...

only if your're a techie

 

Looks like a bear flag and another leg down coming. The quality of the rise as compared to the aggressive push down says be cautious.

The money here IMHO is short on a break below 9.80 and target profits at 9.00.

But always remember, anything can happen.

 

on which time-frame?

 

go here for fibbo-jibbo fun

http://quasimodos.com/cgi-bin/index.cgi

 

daily still looks bullish to me, any more opinions?

 

are you talking about fib levels? As I am looking at price action S/R levels and don't see 10.80, perhaps somebody can point me in the right direction.

 

go to stockcharts.com

type in $silver and look on the right side and you will see break at $11 (now resistance) and a rebound to about 10.80 give or take....and a failure there (today)

apply the fibo pull up factors from $9.50 if you're a true believer..........

the action today was very discouraging for the bulls