March silver futures a buying opportunity on more price strength.
See on the daily bar chart for March Comex silver futures that prices have made a good rebound from the recent low and prices Tuesday hit a fresh three-week high. The bulls have gained upside near-term technical momentum to suggest a market bottom is in place. See at the bottom of the chart that the Moving Average Convergence Divergence (MACD) indicator has recently produced a bullish line crossover signal, whereby the thick blue MACD line crossed above the thin red “trigger” line. A move in March silver prices above strong chart resistance at Tuesday’s high of $31.615 would provide the bulls with better upside near-term technical momentum and it would also become a fresh buying opportunity. The upside price objective would be $35.00, or above. Technical support, for which to place a protective sell stop just below, is located at $30.00.
