SILVER Adam & Eve Pattern|200 MA Support|Resistance Zone
Evening Traders!
Today’s technical breakdown will be on SILVER on the weekly timeframe, forming a probable bottom that needs to close above structural resistance.
Points to consider,
- Adam and Eve pattern playing out
- Clear resistance zone to break
- 200 MA current support
- RSI in a falling wedge
- Stochastics neutral
Silver’s trend is forming a probable Adam and Eve formation that is yet to be confirmed. It needs to close above its stanched resistance zone that has had many fake outs.
The 200 MA is currently holding Silver as support, has been rejecting price since 2016, bulls are attempting to defend this level.
The RSI is in a falling wedge formation that is yet to break; it will dictate this next impulse move on Silver.
Stochastics on the other hand is quite neutral; momentum is stored in either direction with the immediate projection looking bearish.
Overall, in my opinion, Silver needs to have a candle body close above structural resistance as this will avoid a fake out. It will also greatly increase the probability of the bottoming formation playing out.
What are your thoughts?
Please leave a like and comment,
And remember
If winning trades give you a buzz, you’re conditioning your mind to drool in anticipation of its next fix. And when it doesn’t happen, it’ll upset your expectations. If thrill naturally arises (which it will), feel it as it is, but then don’t cling to it
Today’s technical breakdown will be on SILVER on the weekly timeframe, forming a probable bottom that needs to close above structural resistance.
Points to consider,
- Adam and Eve pattern playing out
- Clear resistance zone to break
- 200 MA current support
- RSI in a falling wedge
- Stochastics neutral
Silver’s trend is forming a probable Adam and Eve formation that is yet to be confirmed. It needs to close above its stanched resistance zone that has had many fake outs.
The 200 MA is currently holding Silver as support, has been rejecting price since 2016, bulls are attempting to defend this level.
The RSI is in a falling wedge formation that is yet to break; it will dictate this next impulse move on Silver.
Stochastics on the other hand is quite neutral; momentum is stored in either direction with the immediate projection looking bearish.
Overall, in my opinion, Silver needs to have a candle body close above structural resistance as this will avoid a fake out. It will also greatly increase the probability of the bottoming formation playing out.
What are your thoughts?
Please leave a like and comment,
And remember
If winning trades give you a buzz, you’re conditioning your mind to drool in anticipation of its next fix. And when it doesn’t happen, it’ll upset your expectations. If thrill naturally arises (which it will), feel it as it is, but then don’t cling to it