Silver Lower Highs| Key Support| Apex| Break imminent!
Evening Traders!
Today’s update will be on the traditional store of value instrument – SILVER – which has been putting in consecutive lower highs, a well-defined resistance line.
Points to consider,
- Bear trend with consecutive lower highs
- Key support held
- Resistance line break imminent
- EMA’s holding support
- Stochastics in upper regions
- RSI currently neutral
- Volume below average
Consecutive lower highs are imminent as bears are in current control, trend will be negated if key trade locations are broken. Structural support held, which is in confluence with the .618 Fibonacci level, signalling that buy pressure is strong.
Staunched resistance has been established, a break attempt will be imminent when Silver travels closer into its apex. The EMA’s are currently holding Silver as support, does looks weak at current given time.
The stochastics is in the upper regions, can stay trading here for an extended period of time, however lots of stored momentum to the downside. The RSI, on the other hand is quite neutral with no clear direction.
Volume is currently below average, an increase is likely upon a break of key trade locations, either the support and or current trend line resistance.
Overall, in my opinion, Silver is closing in on its apex; a move will be imminent, structural support is a strong area from a historic point of view. The staunched resistance trend line has been tested multiple times, the more times a resistance/support is tested, the more it’s likely to break.
What are your thoughts?
Please leave a like and comment,
And remember,
“All statistics have outliers. Money management, therefore, is key to the process of good trading.”
― Yvan Byeajee
Today’s update will be on the traditional store of value instrument – SILVER – which has been putting in consecutive lower highs, a well-defined resistance line.
Points to consider,
- Bear trend with consecutive lower highs
- Key support held
- Resistance line break imminent
- EMA’s holding support
- Stochastics in upper regions
- RSI currently neutral
- Volume below average
Consecutive lower highs are imminent as bears are in current control, trend will be negated if key trade locations are broken. Structural support held, which is in confluence with the .618 Fibonacci level, signalling that buy pressure is strong.
Staunched resistance has been established, a break attempt will be imminent when Silver travels closer into its apex. The EMA’s are currently holding Silver as support, does looks weak at current given time.
The stochastics is in the upper regions, can stay trading here for an extended period of time, however lots of stored momentum to the downside. The RSI, on the other hand is quite neutral with no clear direction.
Volume is currently below average, an increase is likely upon a break of key trade locations, either the support and or current trend line resistance.
Overall, in my opinion, Silver is closing in on its apex; a move will be imminent, structural support is a strong area from a historic point of view. The staunched resistance trend line has been tested multiple times, the more times a resistance/support is tested, the more it’s likely to break.
What are your thoughts?
Please leave a like and comment,
And remember,
“All statistics have outliers. Money management, therefore, is key to the process of good trading.”
― Yvan Byeajee
