Wednesday, November 10, 2021 11:44 AM EDT
This morning, both gold and silver are very strong after the hot CPI number. Obviously, the CPI number was very strong signaling inflation and it looks like the precious metals took their cue and surged higher. The iShares Silver Trust (SLV) could trigger a big inverse head & shoulders pattern with a close above the $23.00 level. This pattern gives us a symmetrical target of $26.00. Remember, these patterns do not play out in a day; they will often take several weeks. Also remember, should the pattern trigger and then price closes below the neckline that will void out the pattern.
Disclosure: I own call options in SLV
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational ...
more
Disclosure: I own call options in SLV
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
less
How did you like this article? Let us know so we can better customize your reading experience.
