Silver two times bull etf : AGQ analysis

Silver two times bull etf : AGQ analysis

We will look AGQ in three different time frames i.e daily, weekly and monthly. Also we will look at major resistance levels and support zones. Silver has many hurdles to overcome since its downturn since April of 2011.

Good new first. Below chart shows that AGQ has broken out of the rectangle pattern which has been in effect since December. Good news is that agq broke out of the pattern with huge volume.

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Next let us look at a secondary pattern i.e a slanted head and shoulders pattern and I am showing the target of $106 in the near term where we can expect some bounce down.

agq1

 

Next daily chart shows agq breaking out of the trend line which was in effect since middle of August 2013.

agq2

 

Next Monthly chart shows that the long time down trend line is still in effect. We hope this trend line will be taken out this time around.

agq3

 

Next weekly chart shows that the parabola that has been effect since August of 2011 has been broken. This is a huge development for AGQ. This breakout should have enough energy for it to atleast tag its 200dma which is at $204.

agq4

Next weekly chart shows that the major trend line from April of 2011 is still in effect. But with the break of parabola, we can say that the probability of it breaking out of the trend line is high.

agq5

 

Our price objective for AGQ is $106 as a first stop…then it may tag the $160mark and  then tag $204 (its 200dma on weekly). But please remember that anything can happen in the market place.

DOW Update

DOW seems have more upside based on technical analysis…

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In above chart the price has cracked the parabola arc to the upside…

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In above chart

i have drawn two parallel lines to show the support and resistance line….currently these two parallel lines act as support as price action is above these lines…

 

JNUG update

JNUG is the Bull 3times Gold Miners Index…please note that this ETF will have huge swings in volatility so would recommend taking small bites whenever you trade….

jnug

Notice the double bottom that has developed on JNUG…it is approaching its resistance zone. Chances are it may [Private] not take out the resistance line on first hit…let us monitor this for it will develop over time[/Private]

AGQ Silver Update

AGQ is the 2 times pro shares Silver bull ETF..In the below weekly chart, agq has not yet broken the trend line.scCA23I58H

 Below chart shows the price action butting against the parabola…lets see if this is broken any time soon and let us check to see other charts to see an indication which side the price action may flow…scCA8IR0JT

In below monthly chart you can see that price action still below the long time trend line..scagq

In below daily chart, agq has broken the parabola and even backtested it and bounced back off of the parabola…scCAL3IAVX

In below chart you can see that AGQ has broken out of the triangle pattern successfully and also backtested it..Our recommendation is to start taking small bites of this leveraged 2times Bull ETF based on your tolerance level. scCA69HX1Y

Gold Market Update

Gold is getting to ready to make a move…gld

in the above chart you can see we have developed a double bottom and gold has started to move up…scCAO9UWRP

in the above chart you can see the parabola from  2010 seems to have completed its move…   

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Usually the miners lead the gold market from a downturn….which we see in the GDX and GDXJ updates….

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As you can see in the above GDXJ chart…it has broken the parabola and its on its way higher…

scyuThe above chart is forming a double bottom… scCA8MHPC6 scqq

In the above chart you can see that gold found support on the 2008 head and shoulders neckline extended to our current time frame.

Gold has formed a double bottom and the note 134.15 represents the dome of the huge double bottom that has formed….the price objective for this double bottom would be 168…