Fractal777
Long

Breakout & Pullback!

TVC:SILVER   CFDs on Silver (US$ / OZ)
141 views
6
Thank you for taking the time to read my idea, your support is appreciated.

Silver broke out as we expected but pulled back a bit harder than expected.
Sometimes weak hands are tested by the big boys.
This gave the bulls who missed the entry a chance to enter.
The upward trendline is holding as is the breakout trend line .

We have clear indication if the uptrend line is violated with a 4hr close below $17.70.
This would negate the bullish trend and we would protect our capital by closing out.
Only a closing candle below $17.70 on the 4hr would push me bearish ...not a spike tail down.

A close above $18.45 would usher in a mini stampede .
Let's hope this eventuates and silver finally gets some legs!



Comments

My spidey senses are tingling. The formation has morphed into a proper bullish triangle just below resistance. In other news the DXY is taking a dump. It's not bonds as a trigger but the dollar weakening. Good enough for me.
+1 Reply
Looks like a precarious position. Long term resistance there. I am hoping for a breakout but this will only happen via a trigger from the bond market. Silver is less correlated with bonds compared to gold, but the influence is still there. If bonds get dumped due to some fake news, so will silver and gold.
+1 Reply
Thank you, sir, for valuable analysis.

Z
+1 Reply
Fractal777 zoroastre
@zoroastre, Your welcome!
Reply
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