Silver touching major resistance area and potentially forming a double top if it can't break above 26.50.
I also noticed a double bottom that's playing out on the 15 minute chart that I missed while being away.
Could go either way, but I think fundamentals support bulls.
24.90 remains a strong 4 Hr support level. RSI touched my divergence trendline perfectly before price bounced right back up. Waiting for price to cool off a bit before entering long again.
Looks like a double-top on 4 hour SI chart.
Price broke below 50EMA
If price losses the upper trendline of the descending triangle expect price to push to bottom trendline of triangle at least.
Will it tap the upper trendline all the way down until the break up?
Not perfect, but big shooting star on SI daily chart along with break below the 50EMA on the 4 hour chart makes me think Silver may pullback to major support from 24.00-24.60 before shooting back up. Could the star really be the 2nd top of a double-top? Time will tell. Holding steady for now.
I'm seeing that 4 of the last 6 times that this pattern has played out over the past 4 years, at the first major pullback the RSI continues to put in a higher low.
Price then move higher.
I'm seeing a bullish RSI divergence coupled with a descending triangle on the 4H silver chart. I see a similar setup 5 times in the past year and each time the price went up. Am I seeing this correctly?
