My take on SLV
Would love any feedback, I am still learning!
Reasons I am bearish in the short-term:
- The meteoric rise of Silver and SLV prices has had no time to develop strong support or resistance
- Bearish Volume is increasing, both in raw vol but also in its reaction to bulls trying to recover
- MACD is not looking healthy for hourly and the daily looks like it is going to converge soon - Bearish signal
- Massive shooting star on the weekly chart
- Hourly Stoch says oversold, but daily says overbought
- Hourly MA(9,20,50) all looking not so great as the short term (MA9) has completely crossed the 20 and 50
- Forex Silver to USD (XAGUSD) is also barely holding support, and looks like it is starting to downtrend
Reasons I am bullish:
- Volatility is insane, so who knows
Just some ideas, please leave a comment and let me know what YOU think! :)
Reasons I am bearish in the short-term:
- The meteoric rise of Silver and SLV prices has had no time to develop strong support or resistance
- Bearish Volume is increasing, both in raw vol but also in its reaction to bulls trying to recover
- MACD is not looking healthy for hourly and the daily looks like it is going to converge soon - Bearish signal
- Massive shooting star on the weekly chart
- Hourly Stoch says oversold, but daily says overbought
- Hourly MA(9,20,50) all looking not so great as the short term (MA9) has completely crossed the 20 and 50
- Forex Silver to USD (XAGUSD) is also barely holding support, and looks like it is starting to downtrend
Reasons I am bullish:
- Volatility is insane, so who knows
Just some ideas, please leave a comment and let me know what YOU think! :)
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