Michael Oliver, the man who is well known for his deadly accurate forecasts on stocks, bonds, and major markets, sent King World News a very important note explaining exactly what is going to trigger a historic upside breakout in the silver market.
Silver
May 4 (King World News) – Michael Oliver, Founder of MSA Research: We’re also using the 50-day avg. here. Silver, unlike gold, has not used the 50-day avg./zero line with any structural precision. If you traded silver off of that moving average, you got shin-kicked repeatedly both ways in recent months. Action broke below it, shot back above it soon after, dropped below, and then back above. The zero line is simply not a structure for momentum in this case.
A key level to watch is breakage above the overlapping downward zigzags in the momentum action: lower highs, lower lows. Note a higher low last week. Take out the red horizontal and assume that pattern is ended: positive emergence. To accomplish that Monday requires July Silver settle at $81.18. That adjusts down to $80.54 by Friday.
There’s already a positive indication via this metric. Once silver turned from its very brief March “run the stops” low, the momentum action cleared a multi-point downtrend, albeit a steep one. That produced the upside that followed. But for maximum confidence, we prefer to see a close over the red horizontal, breaking the negative staircase pattern of oscillator decline.
And when we assess the 10-wk. avg. oscillator (sister of the 50-day), we see that it will shift with a weekly close this week at $80.50 or higher. That’s very much in line with the 50-day avg.
As we noted a few weeks ago, the simple weekly price chart has recently set up a three-point downtrend through peak weekly closes during this up/down process. Over $80 on a weekly close will shift it into positive too.
In sum, lots of technicals say that above $80 is the level that says silver’s upside resumption is engaged. KING WORLD NEWS NOTE: The commentary and chart above were part of a much larger special report on gold, silver, miners, the stock market and more released by Michael Oliver. You must subscribe to Michael Oliver’s MSA Annual Service to get his special reports as well as his stock picks which have dramatically outperformed. To receive the special KWN discount to subscribe to Michael Oliver’s internationally acclaimed MSA Annual Research and gain access to their research and stock picks subscribe today by CLICKING HERE!
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