Silver: Bullish flag break-away

FX:XAGUSD   Silver / U.S. Dollar
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Please check the other analyses in the series to get a better comprehension of the picture.

What we have witnessed in the February 2016 congestion in Silver was a flag, which went at a deeper percentage compared to Gold , which looked more bullish during the period. As if to compensate this, the break-away of the congestion is more decisive with Silver , as seen in the chart, in that, the volume of the break-away day is almost as much as the 13-day MA of the volume in the midday, and the market trades way above the flag resistance. This, together with the bullish confidence coming from the index, shows a very clear bullish picture, in which the weekly TL (dashed red line) is targeted. Notice that we also had a one-day-out-of-line move on 24 February 2016, which was an early signal of the bullish break-away.
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