All Ords Index.

[shasta]

Hi Shasta,
The chart you see is a Daily Chart, not intra-day. The chart is also dated the 28th close unlike todays price right now of $34.15 for silver.


No Shasta, not like RSI, but more similar to Stochastic. Here is the difference between Williams %R vs Stochastic as specified by Incredible Charts:

Williams %R was developed by Larry Williams to indicate overbought and oversold levels. The indicator is very similar to Stochastic %K - except that Williams %R is plotted using negative values ranging from 0 to -100. Plus Overbought and Oversold levels are normally set at -20 and -80

Hope this helps mate

It does thanx

Im still bullish on Silver & can see it being > $US40/oz by year end, hopefully it will climb at a steady rate of small increments this time!

[trackers]

Geez look at copper go:






http://finviz.com/fut_chart.ashx?t=HG&p=d1&s=m

[Hoop]

With reference to my chart post #1267 page 85. This was 2 weeks ago and the Double Top (DT) Formation has since been confirmed but the 4500 major support is proving very strong to break thereby inhibiting the DT formation to reach its bearish 4300 goal.

The index had another test at that 4500 support last Monday and it failed again, thereby creating a short term (7 day) double bottom.

A bullish formation view emerges when a medium term very strong downward trend pressure fails to break a major support level for a second time (Double Bottom).

The odds are improving that the All Ords is bottoming out at 4500 and is setting the scene for another assault at the 5050 major resistance level.

This is the time to watch those TA indicators for any conformation of an upswing (buy signals)

Edit: ..Oooops...Correcting an Error.. The double top formation has been confirmed (drop below 4559 confirms it)

[Phaedrus]

Is the Williams %R indicator the same as Relative Strength for charting purposes?

Yes. As with most oscillators you are looking for Buy signals based on a rise above "oversold" levels. In spite of their different formulation, W%R and RSI generate similar signals that are interpreted the same way.

Silver looks oversold.

Technically it may do - but does this really mean anything much? No.

Shasta, when a stock/commodity/Index is in an uptrend, oscillators generate a series of meaningless "sell" signals. Similarly, when a stock/commodity/Index is in a downtrend, oscillators generate a series of meaningless "buy" signals.

I know that you are bullish on Silver, and yes, it is showing support at just under $34 but stand back a little and look at the bigger picture. Until/unless Silver breaks above or below the blue support/resistance levels marked on the chart below, it is trapped in a "trading range". Within this, it has been making a series of lower highs forming a Descending Triangle as marked by the red lines. When preceded by a downtrend (as in this case) these turn out to be a reversal pattern 39% of the time and a continuation pattern 61% of the time. Now, these odds are not all that different from tossing a coin so this formation has little predictive value - but why buy in the face of unfavourable odds?

[trackers]

Hey Hoop, you're right - 4500 was well respected huh? I'd say a lot of indicators will go green today, but is this a turnaround or a relief rally? Zerohedge thinks that the rally on the Greek bailout last year looked the same and ended up being very short lived...

XAO with support, EMA, and my interpretation of Phaedrus' MSI on it (its not quite the same as I only managed to work out how to use about 3 values of each of the 5 indicators whereas P uses them all.. Plus my rising/falling part colors aren't quite on the mark yet):

Attachment 3432

Given how poor the market has been I wouldn't be surprised if MSI goes into positives today but we'll see

[drillfix]

Same pattern shaping up and same result ... By end of July we'll all be tracking the bull

Hi Belgarion,

Same pattern maybe, but same results, who knows just yet. As to me, Last year is a complete different situation whereby the US had money they could still borrow or print as in QE1 and QE2. This year they cannot unless they pass a new law.

Has anybody actually thought about what happens if they cannot agree to vote, or pass any new law allowing them to print/borrow more money? All I can say is that imo, PIGGS or patterns will irrelevant as this will be a whole new episode with potentially devastating consequences.

Seems like everybody on this forum are just so complacent or so sure and confident in the US finding a way to continue to kick the can.

Ah well, lets not worry about it and trade each day for what it is I guess, :P

[drillfix]

I do agree with Hoop on the recent double bottom and that evidence on intraday shows that we will probably get a rally now that we are breaking out of the oblique declining resistance line.

But its the higher lows and higher highs I think we all want to see, as well as eventually a comprehensible US solution to its problem.

As always time will tell.

[Entrep]

Great rally today - but is it window dressing by the funds?

[drillfix]

Great rally today - but is it window dressing by the funds?

Dont think so, not if its breaking out of a downward channel. There seems to be bounce going on written on plenty of stocks and sectors.

Plus you would think they would need more than 1 day to do window dressing dont ya think :P

[Entrep]

I meant given end of financial year in Australia - but maybe that is not the case (here's hoping)