Chart is looking extremely bull for Silver price
Bull signals:
1 - a Major trend line shown by dotted white line has been played and respected since 2 March 2020 and we have broken back above it after a test low dip on 30 March 2021
2 - Double bottom at what has turned out to be a major support zone for silver which is at the 0.382 Fibonacci retracement zone from the swing low at march 2020 and the swing high at august 2020. Great support here, low not been seen since
3 - W pattern formed (one of my favourite - so simple and effective) right at the double bottom 0.382 which was a key indicator for the continued rise for silver which has now found the neck line at 25.487 (0.236 fib retracement)
4 - We are above 50,100 & 200 MA and SMMA lines which is an amazing bull sign, the recent break above the 50Ma is a lovely end of week close for Silver
5 - the end of week close was also sat right above the white dotted line from the August 2020 high which marks out the upper side of the descending triangle that has been formed since the last high. What we are seeing now is a possible break out north, big potential for silver to test recent high at 30 and above
As well as this the current Silver physical demand is through the roof and I do not believe that the current price at 25 reflects this.
My trading ideas are not gospel, I just like the numbers and patterns
Universal patterns are universal
Bull signals:
1 - a Major trend line shown by dotted white line has been played and respected since 2 March 2020 and we have broken back above it after a test low dip on 30 March 2021
2 - Double bottom at what has turned out to be a major support zone for silver which is at the 0.382 Fibonacci retracement zone from the swing low at march 2020 and the swing high at august 2020. Great support here, low not been seen since
3 - W pattern formed (one of my favourite - so simple and effective) right at the double bottom 0.382 which was a key indicator for the continued rise for silver which has now found the neck line at 25.487 (0.236 fib retracement)
4 - We are above 50,100 & 200 MA and SMMA lines which is an amazing bull sign, the recent break above the 50Ma is a lovely end of week close for Silver
5 - the end of week close was also sat right above the white dotted line from the August 2020 high which marks out the upper side of the descending triangle that has been formed since the last high. What we are seeing now is a possible break out north, big potential for silver to test recent high at 30 and above
As well as this the current Silver physical demand is through the roof and I do not believe that the current price at 25 reflects this.
My trading ideas are not gospel, I just like the numbers and patterns
Universal patterns are universal