The daily chart hasn’t changed much since last Friday. We still have an MACD indicator in an upwards motion and with a wide gap so we are still looking at a continuation of the current uptrend.
The RSI indicator is pointing downwards but that is a signal I’m now deciding to ignore since this is merely because we opened lower today after Fridays 12% rally.
Volume has averaged down to about 278K shares traded which was to be expected. Why? Have a look at following chart and you’ll notice that during Sunday nights trading session, silver took a beating (red line) and was brought down from 17.00 to around 16.60. So with lower silver prices, boring Mondays, lower enthusiasm and a lower volume we were bound to end this day in the red.
24h Spot Chart – Silver
Chart is courtesy of Kitco.com
However, if you look at the green line which represents today’s trading action then you will notice that since Sunday we’ve started going back up again and that was also reflected in today’s prices going to the end of the trading session.
We did see a low of 0.90 at opening but overall and with silver regaining much of its losses from Sunday we saw Orko closing at 0.92.
Also, the morning hours saw the most shares traded. I’m going to see if there is a trend somewhere 🙂
All in all, not too bad a trading day for a Monday! As to what is in store for tomorrow, well, I expect another up day and most certainly hope that we will make another run to get to 1.00 and beyond. Lets hope for a close over 1.00.
Is that in the cards? Sure! Why not? Will it happen? Don’t know! Do you? If so, leave a comment…
As always, take care and prosper!
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