Silver Outlook
Updated
Just recently i have been asked by a number of followers to distribute my analysis on Silver, so here it is.
1. Trendline breakout on the 06.02.2017 which dates back to the 02.08.2016
2. Price found resistance at historical 18.50 level forming bearish RSI divergence
3. On the 10.03.2017 price not only retested the trendline but also found support at historical 17.00 forming a doji & bullish RSI divergence
4 .After running into strong support at 17.00 price retested 18.50 on the 12.04.2017 forming a doji and high-test candle, this was in confluence with the bearish RSI divergence.
5. Finally we had a large sell off from 18.50 to 16.00 where price once again retested trendline and historical support forming a doji
I am now looking for price to retest 17.00 at which point we will have a better idea on if it intends to retest 18.50 or look for support at 16.00
PLEASE NOTE:
Silver is not in my day to day trading portfolio.
1. Trendline breakout on the 06.02.2017 which dates back to the 02.08.2016
2. Price found resistance at historical 18.50 level forming bearish RSI divergence
3. On the 10.03.2017 price not only retested the trendline but also found support at historical 17.00 forming a doji & bullish RSI divergence
4 .After running into strong support at 17.00 price retested 18.50 on the 12.04.2017 forming a doji and high-test candle, this was in confluence with the bearish RSI divergence.
5. Finally we had a large sell off from 18.50 to 16.00 where price once again retested trendline and historical support forming a doji
I am now looking for price to retest 17.00 at which point we will have a better idea on if it intends to retest 18.50 or look for support at 16.00
PLEASE NOTE:
Silver is not in my day to day trading portfolio.
Note
Price now running into 17.00 it will be interesting to see how price now reacts.If a reversal candle is formed then there is a possibility to short depending on other TF's
If we see a break i would look for a retest prior to any long entry.
Note
We have now seen a break and close above 17.00A retest is what i am looking for before a continuation towards 18.50
Note
A textbook break and retest, now i would await a reversal to take this long.Note
A perfect low-test candle formed retesting 17.00 now i expect price to continue pushing towards 18.50
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