PSLV – Daily Elder Impulse System, 24 May Update

OK, as I hoped PSLV maintained its strength to the close and I rotated some speculative money from gold over to PSLV on the green price bar. So what do we have here? We have a short term up trend with higher high and higher lows. Overhead resistance is at 17.81, a previous swing high made off the reaction bounce. Stochastic has crossed the 20 level from an embedded state, which puts the 20 day simple moving average into play as a target, currently at 17.34. MACD is putting a bullish cross and RSI is dead neutral at 47.92. The objective of this trade is capture the early move assuming silver will follow through and test resistance at 17.81.

The longer term chart I posted last week is posted below. everything worked out as I hoped it would with the long term trend line intact and strong support at the Fibonacci 61.8% retrace holding up. We were due for some good news. From this chart you can see the 100 day moving average (gold) did a good job of supporting price over the last week. The 45 day MA is at 18.10 and may be where we see some significant resistance. I may be sprung to roll back to gold at the point at the slightest hint of trouble.

This entry was posted in Matrix Sentry TA, PSLV, Technical Analysis. Bookmark the permalink.

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