Silver Expected to Breakout Towards 24.75
Trend Analysis
The main view of this trade idea is on the 2-Hour Chart. The commodity Silver appears to have broken above 23.20 resistance from an ascending triangle setup. The support trend line was made with the higher lows of 21.50 and 22.35. Expectations are for Silver to head higher towards 24.75. Indicative stop loss is set around 22.15.
Technical Indicators
Silver is currently trading above its short (50-MA), medium (100-MA) and long (200-MA) fractal moving averages. There has been positive crossovers on the respective MAs, indicating a bullish trend move. The RSI is also currently above 50 with the KST in a positive mode.
Recommendation
The recommendation will be to go long at market, with a stop loss at 22.15 and a target of 24.75. This produces a risk/reward ratio of 1.31.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. I currently have a position in Silver.
The main view of this trade idea is on the 2-Hour Chart. The commodity Silver appears to have broken above 23.20 resistance from an ascending triangle setup. The support trend line was made with the higher lows of 21.50 and 22.35. Expectations are for Silver to head higher towards 24.75. Indicative stop loss is set around 22.15.
Technical Indicators
Silver is currently trading above its short (50-MA), medium (100-MA) and long (200-MA) fractal moving averages. There has been positive crossovers on the respective MAs, indicating a bullish trend move. The RSI is also currently above 50 with the KST in a positive mode.
Recommendation
The recommendation will be to go long at market, with a stop loss at 22.15 and a target of 24.75. This produces a risk/reward ratio of 1.31.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. I currently have a position in Silver.
Trade closed: target reached:
Move Stop to Break Even and Monitor for Change in Trend.