Ah_Meng
11-13
$ProShares Ultra Silver(AGQ)$  I have mixed feelings on this... on one hand, I feel totally validated for staying the course on precious metals group, especially silver. On the other hand, I don't like the sudden spike in prices.

Sure, big price jumps bring feel-good factor. Those are for egos boosting, not long term investment health. Big spikes usually followed by corrections, so I never liked them...

RSI as a result of this sudden spike in prices crossed 80... it does feel overbought at this stage for AGQ. I am watching it closely, especially at $98.97 signalled a possible double top, as can be observed in the main chart for AGQ. Having said that, there may be more to it. MACD looks good... very good indeed, it feels like the beginning of a new mid term upside, as shown in the secondary chart that I had shared below. 

Which way will it go from here? A consolidation of positions or will the spike goes on to take out $98.83 completely? That's why I will be watching the next few sessions with interest. If $99 is cleared cleanly, we are looking at way beyond $100! $105-110 will be the near term target, with $100 as the new defence line, aka support line. On the other hand, $100 might ended as the new resistance line if we can't clear $99 cleanly in the next few sessions.

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Comments

  • Enid Bertha
    11-14
    Enid Bertha
    AGQ should make it to $120-140 by EOY. IMHO

    • Ah_Meng: 
      Indeed... with economy uncertainty, who knows. However if it moves too fast, the price might be either way too as it becomes too speculative
  • JackQuant
    11-14
    JackQuant
    The metal is so bullish these months.
    • Ah_Meng: 
      That’s the problem… slow and steady wins the game for me. Having said that, this rapid ascent really gives me the opportunity to rethink what it means. Silver, at the moment, is acting more like industrial speculative instrument rather than as a buffer against inflation and market correction. There is a high chance price of silver will drop alongside the market. It also provides the chance for both short and long term plays if we do this right… [Cool]
  • BertScott
    11-14
    BertScott
    MACD's divergence looks promising [看涨] but RSI screaming caution [666]
  • Mortimer Arthur
    11-14
    Mortimer Arthur
    AGQ to 120 before the end of the year.

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