Joining the Silver Uptrend at the 100 SMA
Skerdian Meta • 1 min read
Silver has seen some interesting times in recent weeks. It surged from around $ 25, above $ 30 at the end of January, after the Reddit crowd that is fighting Wall Street turned to Silver, sending it surging higher, since there were some big names short on Silver.
I don’t know if there was some victim this time, like Melvin Capital, which had around $ 8 billion under management but bankrupted, after being short on GameStop shares. The jump in SILVER ended once the price climbed above $ 40, indicating that there was some stop hunting going on, for those who had placed stop loss order just above $ 30 in Silver.
Although, the bullish trend continues, but the pace has slowed. Moving averages are helping push the trend higher, providing support during pullbacks lower. Earlier today we saw another retracer lower, but the 100 SMA (green) seems to have provided support, so we decided to go long on Silver, hoping that the bullish trend continues.