We are approaching the crossroads of three trendlines, each of them having potentional impact on the price action of Silver. The price has bounced down from the upper blue trendline every time but once when it continued to test the resistance above it, but still retracing nicely below the trendline during the same day. The lower blue trendline has acted as support since late November. Together the blue trendlines form a rising wedge.
The brown trendline held the price above it all the way from early May until 28 October when the price finally broke below it. Since then the brown trendline has acted as resistance.
There is a high probability that the rising wedge breaks downwards. If however, the rising wedge of the blue trendlines breaks upwards, there is a potential new rising wedge formed with the brown trendline as upper boundary. In any case I am hoping that the price will break down to offer one more buying opportunity between 23.7 and 24.8.
Trade safe and take care.
Cheers Whoop
The brown trendline held the price above it all the way from early May until 28 October when the price finally broke below it. Since then the brown trendline has acted as resistance.
There is a high probability that the rising wedge breaks downwards. If however, the rising wedge of the blue trendlines breaks upwards, there is a potential new rising wedge formed with the brown trendline as upper boundary. In any case I am hoping that the price will break down to offer one more buying opportunity between 23.7 and 24.8.
Trade safe and take care.
Cheers Whoop