SILVER - Rectangle continuation, more good news for bulls?...
- Silver appears to be confined within a rectangle shaped trading range, commonly known as a continuation pattern
- This occurred after a breakout of the short/medium term descending trend-line
- Bullish move before the rectangle pattern gives bias to a bullish continuation
- Price would need to break the upper horizontal resistance line of the rectangle before continuing higher
- If this occurred the precious metal could run into some strong resistance around the 14.5-14.6 region
**Watch for a break of either the upper or lower horizontal resistance/support before establishing a long/short position
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- This occurred after a breakout of the short/medium term descending trend-line
- Bullish move before the rectangle pattern gives bias to a bullish continuation
- Price would need to break the upper horizontal resistance line of the rectangle before continuing higher
- If this occurred the precious metal could run into some strong resistance around the 14.5-14.6 region
**Watch for a break of either the upper or lower horizontal resistance/support before establishing a long/short position
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
Note
- Price still confined within the rectangle comprised supp/res range- Watch closely for a break of either horizontal trend-line today
- If price breaks support, I expect it to be a simple retrace back into the 14.2 region before resuming bullish momentum
- If price breaks resistance than alls good!
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