Silver, technical view - Great R/R.
Pattern: Longer term - Triangle formation
Pattern: Short term - Bear Flag
Resistance areas: 25.50, 26.24
Support areas: 26.24, 22.64, 21.65
(Short term set up - Short)
You could wait for daily close and then take the short towards the support areas you feel appropriate.
For greater return, you could wait for pull back towards 26 areas. Although, if the daily closes out of the bearish flag I'd put in small position in and then target the key support areas.
Longer term set up (Long)
The 200 EMA looks like a nice support area to gain further buy opportunities, longer term I am interested in buying precious metals at a reasonably good price. Longer term targets - 30/35.
Fundamentally: Whoever comes into power, we will have medium dollar weakness and I expect QE after Jan. However, keep in mind the headlines and elections.
All the best & have a great week ahead,
Trade Journal (TJ)
(Remember: Just a trade idea, not a recommendation).
Pattern: Longer term - Triangle formation
Pattern: Short term - Bear Flag
Resistance areas: 25.50, 26.24
Support areas: 26.24, 22.64, 21.65
(Short term set up - Short)
You could wait for daily close and then take the short towards the support areas you feel appropriate.
For greater return, you could wait for pull back towards 26 areas. Although, if the daily closes out of the bearish flag I'd put in small position in and then target the key support areas.
Longer term set up (Long)
The 200 EMA looks like a nice support area to gain further buy opportunities, longer term I am interested in buying precious metals at a reasonably good price. Longer term targets - 30/35.
Fundamentally: Whoever comes into power, we will have medium dollar weakness and I expect QE after Jan. However, keep in mind the headlines and elections.
All the best & have a great week ahead,
Trade Journal (TJ)
(Remember: Just a trade idea, not a recommendation).
Trade active:
1/2 profit taken
Trade closed: target reached:
3/4 Profits taken - Could run down further towards 21 areas.