As price dropped down from $19.61 to test $17.9, the price chart of XAGUSD
has been spotted forming a bullish
reversal chart pattern on the 1hour time frame. The bullish
reversal chart pattern called the Head and SHOULDERS
chart pattern spotted on the 1hour time frame has broken out from the horizontal resistance(called NECKLINE), but needs to close above it so as to be sure of the major move more to the upside.
2% a bit above the neckline should most be used to place a buy stop limit order.
Levels traders needs to keep an eye on are as follows:
Resistance 1- $18.41867
Resistance 2- $18.56642
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Ideas published should not be referred to as an investment advice.