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Apr 19, 2021 10:24 PM

Silver Squeeze - Yes Please Long

SilverOANDA

Description

We saw spike in the silver above the old high in February 2021 in a three wave move. A good indication that the price is keen to go higher.
Since then price has formed a bullish falling wedge pattern down to the 76% fib(Lucas level). At the 24.00 handle we saw the RSI go from 20 to 69(indicated by the green box).
This is a sign of strength as the RSI bounce of the 40 level ,which is the bottom level for a bull market. If the RSI holds above the 40, with a divergence in the CBRSI indicator forming, we should see a move to the 35 handle. With the limited supply of physical silver now available world wide, we could see a larger bull market unfold.
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