Posted on 26 November 2012
Technical chartist Clive Maund has set a $90 an ounce target for
silver in its latest uptrend that he reckons most likely started last
Friday with the break above $33 and close of $34 an ounce.
This sort of technical analysis is difficult to follow for the average reader without a background in statistics. It largely comes down to following a trend, and most investors know that a trend is their friend, until it is not! But for the record here is an excerpt of Mr. Maund’s explanation that is available in full on CliveMaund.com…
New trend line
‘The long-term 13-year chart for silver, which shows the bullmarket in its entirety, is very interesting. Although it is obvious at first glance that silver is in a major uptrend, it is not that easy to immediately define the boundaries of this uptrend.
‘Normally would draw a trendline under the lows, but on this occasion the uptrend is better defined by a trendline drawn across the highs. Searching then for a parallel lower trendline that fits, we find that if we ignore the freak 2008 lows, we get the fairly tidy parallel trendline fit shown. This is very important, as the correct definition of this uptrend enables us to define a probable target for the next major uptrend...More + Chart>>
Technical chartist Clive Maund has set a $90 an ounce target for
silver in its latest uptrend that he reckons most likely started last
Friday with the break above $33 and close of $34 an ounce.This sort of technical analysis is difficult to follow for the average reader without a background in statistics. It largely comes down to following a trend, and most investors know that a trend is their friend, until it is not! But for the record here is an excerpt of Mr. Maund’s explanation that is available in full on CliveMaund.com…
New trend line
‘The long-term 13-year chart for silver, which shows the bullmarket in its entirety, is very interesting. Although it is obvious at first glance that silver is in a major uptrend, it is not that easy to immediately define the boundaries of this uptrend.
‘Normally would draw a trendline under the lows, but on this occasion the uptrend is better defined by a trendline drawn across the highs. Searching then for a parallel lower trendline that fits, we find that if we ignore the freak 2008 lows, we get the fairly tidy parallel trendline fit shown. This is very important, as the correct definition of this uptrend enables us to define a probable target for the next major uptrend...More + Chart>>
