SILVER - Rectangle continuation, more good news for bulls?...

TVC:SILVER   CFDs on Silver (US$ / OZ)
- Silver appears to be confined within a rectangle shaped trading range, commonly known as a continuation pattern
- This occurred after a breakout of the short/medium term descending trend-line
- Bullish move before the rectangle pattern gives bias to a bullish continuation
- Price would need to break the upper horizontal resistance line of the rectangle before continuing higher
- If this occurred the precious metal could run into some strong resistance around the 14.5-14.6 region

**Watch for a break of either the upper or lower horizontal resistance/support before establishing a long/short position

Nov 20
Comment: - Price still confined within the rectangle comprised supp/res range
- Watch closely for a break of either horizontal trend-line today
- If price breaks support, I expect it to be a simple retrace back into the 14.2 region before resuming bullish momentum
- If price breaks resistance than alls good!
If you consider that upon breaking that rectangle for the upside, it dropped again just to begun forming a C&H formation that is bullish too...maybe it was just a re-test. Let's see how it develops. Thank you for sharing.
JamesEvison cozzamara
@cozzamara, Haven't had my eye on this as of recent, but looking very bullish, nice spot mate! :)
+1 Reply
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