The price of silver has been creating a potential “ABC” simple corrective pattern after the previous rally. The wave “C” has potentially ended at the lower limit of a downward channel. The market reaction near that level may confirm the assumption of finished correction.
However, currently the price is consolidating below 24,40 USD which could be the first potential resistance level. If it is broken the market could rise to the upper limit of the channel. In the most bullish scenario, the mentioned line drawn through the tops is broken and the new rally may begin.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
However, currently the price is consolidating below 24,40 USD which could be the first potential resistance level. If it is broken the market could rise to the upper limit of the channel. In the most bullish scenario, the mentioned line drawn through the tops is broken and the new rally may begin.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.