$ProShares Ultra Silver(AGQ)$ Not going to write ✍️ much for this... My last article on AGQ and silver still stands...
Obviously, given the nature of this ETF, if silver price stagnant and improves gradually, not to mention moving down, AGQ would suffer from time decay effects and the price would go lower. I believe silver price has bottomed. Gold found its support around $4000, silver at $55.
From a chart prospective, it's currently in uptrend with its near term support at $64.5. Remember that in one of my past articles, I had fixed a near term target of $68.8. AGQ, likewise hits a bottom near $57.65. $78.70 was my first checkpoint (which has now overcome). We are still shooting for $100. It appears that this target is still intact... Obviously it depends on silver price's momentum to deliver AGQ's price target... Its uptrend has just started and I expect that to continue... for now.
RSI has corrected recently from a high of 83 (overbought). It is currently hovering at 65, which is upright positive. Having said that, RSI is in a short term downtrend, so I would wait for the secondary chart to turn upwards before confirming the $100 target is indeed intact. It shouldn't take too many trading sessions to confirm this, so let's wait for next week's trade before making any moves.
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