Silver Weekly Technical View - RSI divergence continues
Notice how Silver price is now trading out of the long term downtrend line after its massive rally to all time high of $ 50. We continue to expect price consolidation and a possible low to retest the 13.50 to 14.50 levels to confirm a reversal sign (with the addition of RSI divergence and a double bottom?).
Silver need to break out of this triangle with the following scenarios:
1) Bullish
If it can break out of its mini triangle at 16.75 and 17.45. A close above the 100 WMA at 19.17 will put us firmly in a bullish mode.
2) Bearish
If it breaks below 15.45 and will look to test support at 14.50 but if it breaks below that then watch out for a possible 11.50 - 13.50 levels
Silver need to break out of this triangle with the following scenarios:
1) Bullish
If it can break out of its mini triangle at 16.75 and 17.45. A close above the 100 WMA at 19.17 will put us firmly in a bullish mode.
2) Bearish
If it breaks below 15.45 and will look to test support at 14.50 but if it breaks below that then watch out for a possible 11.50 - 13.50 levels