Silver has been rising recently. It touches $34 last Friday before correction kicks in... the correction was actually quite brutal with a move of around 6% down.
AGQ is a 2x silver ETF and obviously suffers a lot more when the price of silver turns down. Looking at the silver charts below, silver price has probably moved too much, too fast... if I had shown a BOLL chart on either silver or the price of AGQ, which should theoretically double as the name suggests, their prices are above the top end of the band when silver hits $44 last Friday. The correction brought the price back to a reasonable level.
Looking at weekly chart, the next important resistance line for silver is at $35, while $30.2 is a major support line. The price of AGQ or silver itself is humming just fine. There might be short term correction but I am looking for silver to challenges its resistance of $35. If that price breaks, the price of silver will use $35 as a base for its upward trajectory. Conversely, if $30 is broken, silver is in deep correction territory.
I don't expect the latter to happen given the amount of uncertainties today. Furthermore, all silver indicators are looking good... the correction is expected to confine within $30-32 to build energy for the next run up... So, look up, AGQ!
Ride along if you're are long term holder... traders could look at trade the breakout...
@TigerStars @CaptainTiger @LMSunshine @Barcode
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- Barcode·2025-02-18TOP☕️☕️☕️ 🚀 Ah_Meng, +43.73%. That’s a sterling move! Congratulations 🙌 I knew you had a silver lining up your sleeve 😆. Have a terrific Tuesday! I’m off to explore more of Tasmania! Loving it! Cheers, BC 🍀🍀🍀LikeReport
- EraGrowth_Wealth·2025-02-17TOPcongrats on you profits. Silver is a good choice too though lots of people focus on goldLikeReport
- PaulSam·2025-02-17TOPWould you consider holding onto it?[Sly]LikeReport
- BerniceCarter·2025-02-17Be cautiousLikeReport