Bought Silver Futures Today-December Expiry

Bought 3 contracts of the. SI futures December expiry at average price of $28.08. However, below I posted the more active September contract. You can see that stochastics on both the daily and weekly charts are oversold, and silver looks to have pulled back into an area of possible support, after a near 20% correction, all good enough reasons for me to buy here. While the weekly shows a further 40 cent dip to the trend line is possible, more so with the metal coming into support at it’s 200 day MA. If we see silver pull back another 40 cents or so, I will use that a an opportunity to add to the position. On a side note, the Chinese continue to buy silver hand over fist, as reported here https://twitter.com/oriental_ghost.

The weekly ATR (average true range) is $1.82, which I will use as a general area to stop out, so the $26.26 area on the December contract. Keep in mind its trading at about a 40 cent premium to the September contract. So if I had bought the September futures, my stop would be about $25.88.