If you haven't been paying attention, Silver has been on quite a tear lately.
Here's a daily chart of silver futures:
The chart also has Bollinger Bands, which show us when a market is seeing movement larger than normal.
And for three days in a row now, silver has been above its upper Bollingr Band. That defines a parabolic move, and often it is a blowoff top.
That last candle?
Silver moved from 19.84 and hit a high of 21.22. 7% in a single day.
That in and of itself is interesting, but here's the kicker...
... that entire move happened during a 3-day weekend, not regular trading hours.
When we see a big move like that and it's not during a normal market session, we tend to see yet another attempt of those recent highs. I wouldn't be surprised if it cracked back above 20 this week.
Into any short term strength and I'll be looking to fade it.
Keep in mind, this is a short term trade. If we look at where silver sits on a longer term basis, this is probably the start of a new trend higher.
Timeframes matter. Short term, I'm bearish and it's worth a look to take the short side.
Yet into any weakness that feels like the bulls giving up, then it's worth a look to start a new longer term position and play for the move into the 27 level.
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