Today’s analysis – SILVER- breaching a key technical level, price acceptance will increase bias.
Points to consider,
- Macro Resistance
- S/R Flip for validation
- Market Structure (higher high needed)
- above 50 (not overbought)
- Stochastics overextended
- Retest long entry
Silver has breached a key level, breaking yearly resistance with conviction. Back testing this level will solidify it as support allowing for a long entry with defined risk.
Silver needs to take out the recent swing high (red line), this will establish a higher high, first sign of a probable trend change.
The is above 50, not overbought whilst the stochastics is trading in the upper regions. This suggests there is still further momentum stored to the upside.
Furthermore, candle closes above macro yearly resistance will show price strength, taking out highs will be .
Overall, in my opinion, a long trade is valid upon an S/R Flip retest at yearly resistance. holding this will make the immediate target, weekly resistance.
What are your thoughts?
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