While watching the Silver/Gold ratio for its signaling in the precious metals and wider commodity/resources areas, let’s also update the would-be leader, silver.
The daily chart, live in pre-market, made its breakout above the April 17th high and summarily got clobbered right back down. It’s silver, after all.
But the silver price is resting right back at the 50% Fib retrace level, which coincides with support. In not making a lower low to the April 29th low of 70.87, the play remains alive. Think of it as sitting on a floor at 75. If there is a trap door, the floor will give way. If it is solid, this could be the low.
Regardless, silver has done the “multi-month” correction we anticipated, well, months ago. Also, the daily chart trends are up (SMA 50 & 200). Silver is a primary focus right now, because its signaling, both nominally and in relation to gold, is important for not only the precious metals complex, but a much wider group of commodity-related stocks/markets.
Gary, apologies in advance if this type of chart post is not typical for your page. I came across the weekly IOT chart by chance, and I found the price/volume action quite interesting, particularly the volume on advancing weeks and the behavior of the Accumulation/Distribution line. I would appreciate your view. Thank you.
Glad you called this to my attention, Bernard. Here is some analysis I found:
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“Samsara (IOT) is down ~50% from its all-time high on indiscriminate “SaaS Apocalypse” multiple compression, despite Q4 FY26 being the best print in its public-company life. The seat-compression narrative driving the SaaS de-rating doesn’t apply here: Samsara sells to enterprise industrial operators on ROI, not to white-collar knowledge workers on seat counts.”
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This bears some looking into. Especially since I looked at a daily chart and liked what I saw as a potential bottom feed. It hasn’t done much of anything yet. But it has a ‘look’ to it that would attract bottom feeder Gary. RSI is nice, and MACD is getting there. Volume is as you say. I don’t normally use A/D or OBV, but they are generally in line with price (A/D a little better, OBV a little worse).
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As you know, I have tried to find software items that were unfairly drubbed by the AI-pocalypse. If this is one, it could be an opportunity. It has been grappling with the 62% Fib retrace level of the entire rally from November, 2022. Keep in mind that as with any bottom feed candidate, the trends are down and that is the governor, not the positive potentials that may be in play.
Thanky you very much Gary.
Thank you, Bernard. You gave me something to include in NFTRH 916!