Preparing to Long Silver SIK SI1!
SIK18 SI1! May Futures Comex
Update Apr30
Silver is trading into a down sloping wedge. The surrounding BB's are suggesting a lower boundary, downward penetration.
I believe support could be found at the 16.30 level with a SL under 21Mar swing low at (say) 16.15
The long entry should be taken on an upside break and close above the yellow wedge radian and ideally as close to 16.30 as possible, or better.
Don't be over anxious. I also believe we may get a lower fake fade. Remember there is a lot of "good" news circulating at the moment to support a fake.
Exit (TPs) will be at the (old) rising trend line that let me down last time &/or the horizontal (red) upper channel (circa) 16.80
So there is a 50c profit potential against a 15c loss or (say) 3:1 before costs.
If you are trading warrants or options buy yourself some time (say) Sep or Dec (U or Z) and trail your stop coz there is Upper Resistance all over the shop!
... just my ("Round 2") 2c worth ...
Update Apr30
Silver is trading into a down sloping wedge. The surrounding BB's are suggesting a lower boundary, downward penetration.
I believe support could be found at the 16.30 level with a SL under 21Mar swing low at (say) 16.15
The long entry should be taken on an upside break and close above the yellow wedge radian and ideally as close to 16.30 as possible, or better.
Don't be over anxious. I also believe we may get a lower fake fade. Remember there is a lot of "good" news circulating at the moment to support a fake.
Exit (TPs) will be at the (old) rising trend line that let me down last time &/or the horizontal (red) upper channel (circa) 16.80
So there is a 50c profit potential against a 15c loss or (say) 3:1 before costs.
If you are trading warrants or options buy yourself some time (say) Sep or Dec (U or Z) and trail your stop coz there is Upper Resistance all over the shop!
... just my ("Round 2") 2c worth ...
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