SILVER : Reached a key inflection level
On December 20th, 2023, I made an analysis in which I expressed my view that the price was going to rally from the price levels back then. As of today, the price has moved by about 10%, just as I expected.
I monetized on this move by taking a position in SILVERBEES.
As of now, the price is hanging around key inflection levels. There is a high probability for the price to reverse from the current levels and fall back towards the lower trendline of the shorter time-frame ascending channel. But I also realize the possibility of a further up move of about 9.5% from the current levels to the upper trendline of the HTF ascending channel and then reverse.
But still, at present, I see a lot of value buys in individual stocks in the Indian Market at the moment. So I decided to book profit in the ETF and re-allocate the capital into better opportunities.
I'll consider a re-entry if the price falls back to the lower trendline of the ascending channel formation in the internal structure and will add on to the position if it further crashes down to touch the outer structure.
I monetized on this move by taking a position in SILVERBEES.
As of now, the price is hanging around key inflection levels. There is a high probability for the price to reverse from the current levels and fall back towards the lower trendline of the shorter time-frame ascending channel. But I also realize the possibility of a further up move of about 9.5% from the current levels to the upper trendline of the HTF ascending channel and then reverse.
But still, at present, I see a lot of value buys in individual stocks in the Indian Market at the moment. So I decided to book profit in the ETF and re-allocate the capital into better opportunities.
I'll consider a re-entry if the price falls back to the lower trendline of the ascending channel formation in the internal structure and will add on to the position if it further crashes down to touch the outer structure.
If my perspective changes or if I gather additional fundamental data that influences my views, I will provide updates accordingly.
Thank you for following along with this journey, and I remain committed to sharing insights and updates as my trading strategy evolves. As always, please feel free to reach out with any questions or comments.
Other posts related to this particular position and scrip, if any, will be attached underneath. Do check those out too.
Disclaimer: The analysis shared here is for informational purposes only and should not be considered as financial advice. Trading in all markets carries inherent risks, and past performance is not indicative of future results. It's essential to conduct your own research and assess your risk tolerance before making any investment decisions. The views expressed in this analysis are solely mine. It's important to note that I am not a SEBI registered analyst, so the analysis provided does not constitute formal investment advice under SEBI regulations.
