Double Bottom| Key Resistance Confluence
Hello Traders!
Today’s chart update will be on SILVER, which is approaching key resistance levels, that if broken, well change the overall market structure.
Points to consider,
- Trend considered bearish
- Structural Resistance being tested
- EMA’s support
- Stochastics in upper regions
- RSI currently overbought
Silver is considered to be in a bearish trend, it must break the lower high projection to change market structure, it has been putting in consecutive lower highs.
Structural resistance is being tested, very staunched level dating back to 2008, a break will be very volatile.
The EMA’s are currently support, must continue to hold Silver as it approaches key levels for a bullish bias.
Stochastics is currently in the upper regions, can stay here for an extended period of time, however lots of stored momentum to the downside. The RSI is currently in overbought regions, a return back to neutral territory is probable to cool of the RSI.
Overall, in my opinion, SILVER is at a very key level with resistance confluences. A break will change the overall market structure, it is however probable for Silver to have a slight retrace before making a bullish attempt.
What are your thoughts?
Please leave a like and comment,
And Remember,
“Markets are never wrong, but opinions often are.”
Today’s chart update will be on SILVER, which is approaching key resistance levels, that if broken, well change the overall market structure.
Points to consider,
- Trend considered bearish
- Structural Resistance being tested
- EMA’s support
- Stochastics in upper regions
- RSI currently overbought
Silver is considered to be in a bearish trend, it must break the lower high projection to change market structure, it has been putting in consecutive lower highs.
Structural resistance is being tested, very staunched level dating back to 2008, a break will be very volatile.
The EMA’s are currently support, must continue to hold Silver as it approaches key levels for a bullish bias.
Stochastics is currently in the upper regions, can stay here for an extended period of time, however lots of stored momentum to the downside. The RSI is currently in overbought regions, a return back to neutral territory is probable to cool of the RSI.
Overall, in my opinion, SILVER is at a very key level with resistance confluences. A break will change the overall market structure, it is however probable for Silver to have a slight retrace before making a bullish attempt.
What are your thoughts?
Please leave a like and comment,
And Remember,
“Markets are never wrong, but opinions often are.”
