Bullish Channel Holding
For Now Silver remains in a bullish trend, respecting the channel structure. However, the 50% retracement level has acted as strong resistance, leading to a bearish engulfing candle as the week closed both on the daily and 4 hr timeframes.
Potential Pullback Incoming?
A bounce may be seen this week, at the channel trend and support.
A possible Head and Shoulders pattern is forming at the peak, alongside trendline resistance and a bearish engulfing candle on the right shoulder. This suggests a short-term retracement before the next move.
Support Holding? If support holds, at the current poi we can look for bullish continuation confirmations.
The trendline and engulfing zone will be the first reaction area to watch. If rejected, shorts into the next demand zone and previous monthly high could play out.
Break and Retest?
Failing to hold support within the channel could confirm a market structure shift. A break and retest of the support zone would confirm a stronger bearish continuation.
For Now Silver remains in a bullish trend, respecting the channel structure. However, the 50% retracement level has acted as strong resistance, leading to a bearish engulfing candle as the week closed both on the daily and 4 hr timeframes.
Potential Pullback Incoming?
A bounce may be seen this week, at the channel trend and support.
A possible Head and Shoulders pattern is forming at the peak, alongside trendline resistance and a bearish engulfing candle on the right shoulder. This suggests a short-term retracement before the next move.
Support Holding? If support holds, at the current poi we can look for bullish continuation confirmations.
The trendline and engulfing zone will be the first reaction area to watch. If rejected, shorts into the next demand zone and previous monthly high could play out.
Break and Retest?
Failing to hold support within the channel could confirm a market structure shift. A break and retest of the support zone would confirm a stronger bearish continuation.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.