SILVER: LONG - Watch trend-line for Bullish breakout!
TECHNICALS:
1.
- Price has been tracking a descending trend-line within a strong bearish trend since 14/06/2018
- This line has acted as strong resistance with price bouncing multiple times
- However price may finally be about to break-out bullish as strong support has been found around the 15.75 region
2.
- Bullish RSI divergence can be seen
- The price within the trend-line has been printing lower lows and lower highs
- However these have been printed as higher highs and higher lows on the RSI chart
- Indicated bullish momentum
- Could be precursor to bullish breakout
3.
- Overall double bottom pattern on the daily timeframe points further to a bullish breakout, the bottoms
of the pattern have found support at the previously mentioned 15.75 zone with multiple candle wicks seen around
this level.
Appreciate any thoughts/comments,
Thanks for reading,
James
1.
- Price has been tracking a descending trend-line within a strong bearish trend since 14/06/2018
- This line has acted as strong resistance with price bouncing multiple times
- However price may finally be about to break-out bullish as strong support has been found around the 15.75 region
2.
- Bullish RSI divergence can be seen
- The price within the trend-line has been printing lower lows and lower highs
- However these have been printed as higher highs and higher lows on the RSI chart
- Indicated bullish momentum
- Could be precursor to bullish breakout
3.
- Overall double bottom pattern on the daily timeframe points further to a bullish breakout, the bottoms
of the pattern have found support at the previously mentioned 15.75 zone with multiple candle wicks seen around
this level.
Appreciate any thoughts/comments,
Thanks for reading,
James