The price of Silver ($) touched the lower limit of the trend channel and rebounded!
This is a good sign, because it shows that the trend channel is strong and active.
Now the silver-price can climb up to 16.59$ before reaching the upper limit of the trend channel and also the resistance line, formed by a fib retracement 38,2%. Some gains to make in short time.
BUT, the trend is still negative, as long as the channel hasn´t been broken to the top. And even if, there are two following resistance-lines:
1) swing trend line at 17,2$ - a strong resistance where silver rebounded twice in the last weeks
2) the falling trend line (dotted) - a resistance that hasn´t been broken since november 2016
This is a good sign, because it shows that the trend channel is strong and active.
Now the silver-price can climb up to 16.59$ before reaching the upper limit of the trend channel and also the resistance line, formed by a fib retracement 38,2%. Some gains to make in short time.
BUT, the trend is still negative, as long as the channel hasn´t been broken to the top. And even if, there are two following resistance-lines:
1) swing trend line at 17,2$ - a strong resistance where silver rebounded twice in the last weeks
2) the falling trend line (dotted) - a resistance that hasn´t been broken since november 2016
Trade active:
Fortunately it returned into the channel and is now clearly on the way up.
RSI and MACD are confirming this move.
The upper limit and the fib retracement at 16.59$ are the next aims.