Patrick MontesDeOca, CEO of the Equity Management Academy, discussed moves in the silver market this week that were accurately predicted last weekend by the Academy’s proprietary VC Price Momentum Indicator.
In a January 13 Academy report, MontesDeOca set out specific positions to take based on the proprietary VC Price Momentum algorithms. The weekly report on the 13th stated that the gold market, after closing at $1196, was “Bullish.”
MontesDeOca said, “Gold pretty much went through the [report’s] first target of $1211 and up to the second target of $1227.”
Turning to the silver market, MontesDeOca said that on Friday the silver futures contract closed at $16.76. He said, “With the market closing above the 9-day moving average of $16.48, the market is bullish. The algorithm also tells you that if it closes below $16.48, that this signal would be negated and the market would go to neutral.”
Based on the weekly VC Price Momentum Indicator, the weekly average silver price is $16.74. Silver closed above $16.74, which, MontesDeOca said, “Told us the price momentum is bullish.” If silver closes below $16.74, “the energy will change,” negating the bullish signal.
“The market has continued to move up after testing the lows,” MontesDeOca said, “and we’ve seen $16.7450.” The market is moving into the mean weekly price of $16.74.
In last Saturday’s report he recommended that if his subscribers are long, to take profits at $17.04 to $17.31. The high yesterday was $17.36. MontesDeOca said, “It met the target of $17.31 and we recommended our clients take some profits.
We published a report on the 11th stating that the weekly upswing had been completed.”
Where are we now?
MontesDeOca said, “We have come down from a high of $17.36 and we’re looking at a substantial correction in the past couple of days.” That movement activated demand. If silver closes above $16.74, it will activate a weekly buy signal. A close above $16.93 would activate a daily buy signal.
MontesDeOca said, “We are beginning to see the market turning, and we recommended at the open this morning that our subscribers cover any short positions that they have.”
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