NZ Price of Silver

NZPOS is pretty ugly like NZPOG, being hammered by the rapidly rising and persistently high NZD negating much of teh rises and USPOS and accentuating the falls. Currently NZPOS prices are working their way down in a narrow channel, but beneath its 50MA and what was hoped by some to be a strong rising support trendline, but wasn’t!

Bullish? While there’s little to be bullish about except maybe the oversold %R and weak RSI, you’ll be wanting NZD Silver to somehow bust back up through all that resistance which only sis days ago was supposed to be support, then above that is the solid declising trendline resistance from the Feb’09 high. Silver bulls are fearless and they resolutely believe, heck they know this will happen 😉

Bearish? Well it’s easy to be negative on NZPOS right now with nothing below here except the 200MA and horizontal support at $21, which when broken would open up a collpase to $20 and decline to $18 after that. Accumulators will be wading in already but any sign of prices below $20 and it’ll be “back up the truck and load her up” 🙂

NZPOS

NZPOS seems determiend to seek out the floor of support at $21 (also the 200MA) and there by negating the entire price move since the Feb’09 breakout upwards. Caught in a steep declining ST trend channel, which is within a broad descending wedge, NZPOS can draw some comfort that this is a continuation pattern. Indicators are languishing. This setup informs accumulators that relatively good physical metal buying can be had here and below.