Orko Silver Daily Chart
Chart is courtesy of marketclub.
Nice action on Friday. We had Orko Silver opening at 0.99 which sadly didn’t last for very long it seemed at first. Well, if you take a look at the Kitco silver chart you’ll see from the red line that silver got pulled down from 17.55 to 17.35 but then rallied again to 17.60.
If you take a look at the 5 day chart in Google for instance, you’ll notice Orko Silver following the drop and rise perfectly. Now that does not mean that Orko Silver is a good silver indicator. Hardly! But taking a look at the following charts shows that at least since the last two months Orko Silver is again following the price of silver.
Continuing with the chart, from the MACD diagram you can clearly see a bullish crossover is appearing on the chart which is of course a positive sign. A little past eleven we had a little handshake with 1.00 after which we said goodbye and started trading lower until we reached 0.94, our low of the day at around three o clock. So, to get Orko Silver to drop from 1.00 to 0.94 took about 55K shares being upped for sale of which 17.5K were actually sold. A last minute buyer managed to buy some 1500 shares and pulled us up right back to where we started from and thus to a close of 0.96.
You can also see from the chart and the trend lines I’ve drawn that since this week Orko Silver has broken out of its downward sloping trend channel. That happened on November the 3th on which we saw Orko Silver opening at 0.86 and closing at 0.97, gaining 0.11 cents. So that was the break. The following days we’ve been holding above 0.95 and last Friday might possibly be the start of a confirmation of Orko Silver finally making a break, a close and a hold above 1.00.
One only has to look at two points, September the 18th, large volume of 2.5 million, a break above 1.00 but no continuation, October the 14th, large volume of 1.1 million, a break above 1.00 but no continuation.
After these two we look out for our third one, November the 6th, only a little brush with 1.00 and insignificant as our third day,…waiting thus for the next day with big volume.
I’ll tell you this, the next move with the right volume not only will bring us over 1.00, it will also keep us above 1.00 this time around. So, what am I expecting from Monday? I expect Orko Silver to make another break for the 1.00. If you happened to read my last article on Gold Breaking Out of Upper Trend Channel then I’m sure you know how I feel about it.
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