Ready for next Move... past $30
We all seen the ascending wedge that Silver has created over the last year. This chart just gives extra validation to the trade idea with several other sub-indicators, that eventually we are going to break up from here and re-challenge $30 in next few months.
First I have the falling wedge patterns in black. It is a typical bullish reversal pattern, at its resistance is at the 25.65 level currently.
Second, we have the boilinger bands on the weekly. We can see everytime we touch here we get
a nice bullish reversal.
Thirdly, on the RSI, we see a previously overbought reading occuring from the $30 high, getting to 80(+) level to the now current 42 level a year later. the sideways trading movement has allowed price to stabalize at these higher prices, and allowed traders to get used to trading at these higher levels.
We are also starting to gain some energy on the RSI at the bottom can see with the wedge breakout, so that coincides with the other two indicators above that we are bottoming out and ready to move higher.
Lastly, what isn't listed is the COT report open interest. Non-Commercials are long 2:1 on silver and Gold, so that is also a good indicator that silver is bottoming as well and we can be on the precipice of a big move sooner, rather than later.
First I have the falling wedge patterns in black. It is a typical bullish reversal pattern, at its resistance is at the 25.65 level currently.
Second, we have the boilinger bands on the weekly. We can see everytime we touch here we get
a nice bullish reversal.
Thirdly, on the RSI, we see a previously overbought reading occuring from the $30 high, getting to 80(+) level to the now current 42 level a year later. the sideways trading movement has allowed price to stabalize at these higher prices, and allowed traders to get used to trading at these higher levels.
We are also starting to gain some energy on the RSI at the bottom can see with the wedge breakout, so that coincides with the other two indicators above that we are bottoming out and ready to move higher.
Lastly, what isn't listed is the COT report open interest. Non-Commercials are long 2:1 on silver and Gold, so that is also a good indicator that silver is bottoming as well and we can be on the precipice of a big move sooner, rather than later.
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