Alright guys, we have come across something very interesting on our favorite metal. Today a few of the technical perspectives that I want to highlight are as follow:
1- First of all, I would like to warn you that it is a long term signal but you can trade it on intraday basis looking entries in the major direction
2- We have spotted a major inverted cup and handle pattern which marks a major reversal targeting lower range
3- Daily marked a falling three methods pattern guiding about the short entry level at 1860 and stop loss at 1890
4- We marked a higher low and a lower high on weekly at 1959 and 1614 respectively (Monthly has yet to confirm this as February, 23 ends)
5- Strong weekly rejection candle ($100 rejection from top)
It is the start of a bear market, so you can also plan your long term trades!
Best of luck and happy trading! :-)
1- First of all, I would like to warn you that it is a long term signal but you can trade it on intraday basis looking entries in the major direction
2- We have spotted a major inverted cup and handle pattern which marks a major reversal targeting lower range
3- Daily marked a falling three methods pattern guiding about the short entry level at 1860 and stop loss at 1890
4- We marked a higher low and a lower high on weekly at 1959 and 1614 respectively (Monthly has yet to confirm this as February, 23 ends)
5- Strong weekly rejection candle ($100 rejection from top)
It is the start of a bear market, so you can also plan your long term trades!
Best of luck and happy trading! :-)
Trade closed: target reached:
Target 1 hit, if we close daily below it today, we will sell again or wait for a possible correction upwards and enter later with lower breakout
Trade active:
1830 broken, possibly heading for 1791-1806 range
