Silver has slowly created a long-term Symmetrical Triangle Pattern. There is also a Strong Support that already did his job many times, so there's no doubt that it will continue doing it even after the Triangle Breakout will arrive.
But now there's a even more important pattern doing very well; the Rectangle is actually stronger than the Triangle and this pattern can be considered as a long-term Accumulation phase after the big downward trend finished at the beggining of 2016.
What do i think it's gonna happen now?
Well, i think that price is going to break the bearish resistance of the Triangle (the red line) and retest the resistance of the channel. In my opinion, the probability for it to break the long-term support (green area) is very low and just in the case it will, the area around 15 can be used as a new support level.
Sky is not the Limit
The informations and the strategies discussed are NOT recommendation to buy, sell or trade any securities. They are strictly for educational and illustrative purposes.
But now there's a even more important pattern doing very well; the Rectangle is actually stronger than the Triangle and this pattern can be considered as a long-term Accumulation phase after the big downward trend finished at the beggining of 2016.
What do i think it's gonna happen now?
Well, i think that price is going to break the bearish resistance of the Triangle (the red line) and retest the resistance of the channel. In my opinion, the probability for it to break the long-term support (green area) is very low and just in the case it will, the area around 15 can be used as a new support level.
Sky is not the Limit
The informations and the strategies discussed are NOT recommendation to buy, sell or trade any securities. They are strictly for educational and illustrative purposes.
Comment:
5 days later, Silver still Moving Sideways
