Silver daily - Bullish divergence and price action at support
Accompanying the hourly chart on Silver, we see bullish divergence from the last few lows in the price, and we've also seen a good reaction at a previous area of support and resistance.
You may want to look at my hourly chart for silver (linked to this idea) to refine an entry on lower timeframes, but I believe even if we remain in this mid-term bearish trend since the June high, we can still see a bounce to the 18 level at least.
See hourly chart for lower timeframe targets.
Be aware of patterns forming here, if we find resistance push us back at 17, but also continue to see bullish pressure leading to a lower low, you're likely going to see an inverted H&S set up, which would suggest targets even beyond the target resistance marked on this chart. Get a good entry and then assess the price action on the daily or 4H charts to see if holding for higher is right for you.
You may want to look at my hourly chart for silver (linked to this idea) to refine an entry on lower timeframes, but I believe even if we remain in this mid-term bearish trend since the June high, we can still see a bounce to the 18 level at least.
See hourly chart for lower timeframe targets.
Be aware of patterns forming here, if we find resistance push us back at 17, but also continue to see bullish pressure leading to a lower low, you're likely going to see an inverted H&S set up, which would suggest targets even beyond the target resistance marked on this chart. Get a good entry and then assess the price action on the daily or 4H charts to see if holding for higher is right for you.
Comment:
should say "higher low" not "lower low" in last paragraph above
