Silver looks to be showing a little bit of life today with a large bullish fake-out from a bearish pennant. That is price has been dropping consistently week after week with multiple bearish patterns forming. Another bearish pennant finished forming and price today broke to the downside but staged a very aggressive comeback, back above the pennants bottom channel. Only time will tell if this turns into a long term bottom, but we at least now have a key ingredient to a bottom, "buyers".
Comment:
It's been a while since I have posted so here is a quick update for everyone. I am still actively trading but I am also still out of the country and will be for the next 2 weeks, so don't expect any fresh content until mid-late November at the earlier. With that aside, I am still in my long silver trade and had purchase a large amount when it had dipped down into the 14.20's.
Right now there are 3 potentially bullish patterns forming. One is an inverted head and shoulders, second is a double bottom, and third is an inside-bar/pinbar combo that is forming in the weeklies. If price can close the week 14.75 or higher that makes a bullish breakout very high probability. A breakout of 14.90's region could send this thing soaring to 15.50-16 very quickly.
Right now there are 3 potentially bullish patterns forming. One is an inverted head and shoulders, second is a double bottom, and third is an inside-bar/pinbar combo that is forming in the weeklies. If price can close the week 14.75 or higher that makes a bullish breakout very high probability. A breakout of 14.90's region could send this thing soaring to 15.50-16 very quickly.
Comment:
Analysis discussing some bullish setups in silver right now. I am still holding long term silver positions.
www.tradingview.com/...nd-long-term-bottom/
www.tradingview.com/...nd-long-term-bottom/
www.tradingview.com/...it-looks-like-break/