Silver fluctuates and builds a bottom, and it falls back waiting
There are many tribulations in life, so we should not be overly sensitive to every slight injury. In the face of the hardships of life, mental strength and indifference are our best weapons against evil and accidents in life.
The opportunity to go long in silver at 20.70 yesterday appeared once, and at the same time, short-term profits can also be made. It is still in the bottoming stage of shocks, so repetitions will still occur, so today we still maintain a low-buy thinking. For silver operation, it is recommended to buy at 20.70, risk control at 20.54, and target at 21.20~21.40.
Silver is bullish for several reasons:
1. Silver successfully bottomed out yesterday, and the bulls still have the opportunity to continue to rise.
2. The intraday pressure is 21.20~21.40, supported at 20.70~20.53.
Please continue to pay attention to my analysis and sharing. If you have better opinions, welcome to discuss together
COMEX:SI1!
Mcxnaturalgastips
EWT – Is Natural Gas Prepared for a Reversal?In our previous article, we discussed impulsive wave C and its continuation. On 20 January 2023 , Price achieved our all given targets.
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Timeframe :
MCX Natural gas has accomplished the corrective wave B and started falling for impulsive wave C. Price has given a reversal from previous wave C, but it is no conclusive evidence that it has completed wave c.
When it comes to confirmation, Traders should watch the level of 313 . If the price breaks out the 313 , it will enter into the parallel channel. Traders can buy for the following targets: 321 – 340 – 366 .
Don’t forget prices are moving outside the channel, which is a negative point for traders. Bearish continuation is possible if the price sustains below wave (4).
I will update further information soon.
MCX Natural gas Struggling at Strong SupportOn the chart above, we have plotted three different MAs on the 1-hour chart of MCX Natural gas futures. As you can see, the 62 MA is indicating a downtrend ahead. And 5 MA & 30 MA are crossing each other for a reversal. This reversal can be for 174 to 180 levels.
But according to the support & resistance trendline, we may see continue price collapsing.
I have also highlighted a support area with green color . Particularly from this point, it's taking a u-turn.
For safe traders, short positions can be initiated after 170 levels.
Targets: 167.6 - 165 - 162.6 - 160