Hi Guys,
I started this work on the 1H chart but I am posting 4H.
On the 1H chart I was trying to find a long SMA to support the move made since end 2018 beginning 2019 and found the 1000SMA.
On the 1H chart the 1000SMA worked well as support and then resistance but it was too compressed. I tried the 4H chart and noted that the 1000SMA was working very well as support. Please note how price reacts when RSI is oversold on the 1000SMA. It bounces. But will it keep bouncing in April too or will it break below it? Lows is price are diverging with lows in RSI but IMHO such divergence is not to be trusted.
IMHO this structure allows for certain opportunities to be spotted but need to wait and be patient and look also to other markets that may impact Silver.
I am posting a draft of Daily chart but still a lot of work to be doing. Lol
At a first glance I note that the 1000SMA worked well as resistance. The direction of the 100SMA points slightly up and 15$ is a good support. RSI diverge on this level but price may still test it or breach it towards 14.5$ if RSI gets oversold again. If $15 holds and price gets back above 100SMA with sentiment above 50RSI maybe price could make a run into the 1000SMA at approx.16.5$ by the end of June.
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
I started this work on the 1H chart but I am posting 4H.
On the 1H chart I was trying to find a long SMA to support the move made since end 2018 beginning 2019 and found the 1000SMA.
On the 1H chart the 1000SMA worked well as support and then resistance but it was too compressed. I tried the 4H chart and noted that the 1000SMA was working very well as support. Please note how price reacts when RSI is oversold on the 1000SMA. It bounces. But will it keep bouncing in April too or will it break below it? Lows is price are diverging with lows in RSI but IMHO such divergence is not to be trusted.
IMHO this structure allows for certain opportunities to be spotted but need to wait and be patient and look also to other markets that may impact Silver.
I am posting a draft of Daily chart but still a lot of work to be doing. Lol
At a first glance I note that the 1000SMA worked well as resistance. The direction of the 100SMA points slightly up and 15$ is a good support. RSI diverge on this level but price may still test it or breach it towards 14.5$ if RSI gets oversold again. If $15 holds and price gets back above 100SMA with sentiment above 50RSI maybe price could make a run into the 1000SMA at approx.16.5$ by the end of June.
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
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