Simply, silver completed an inverse head and shoulders
If you are willing to speculate on the pattern, you can wait for a minor pullback before entering. First target at the main falling trend line as shown on chart. Second target at 19.00 resistance level.
Good luck
Luay - Technician
Broke out strongly from the inverse H&S, but facing a potential resistance of the down trend line.
Will wait for further consolidating and coiling between the trendline and the broken H&S neckline. Then trade the break of the trendline.
If market continues to break higher from here, wait to trade on continuation setups.
Next month, the BoJ will announce a fiscal expansion, they also announce a new QE?
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SignalSwiss
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Hi Traders,
just found some interesting trade setup.
Head and Shoulder pattern
Divergent in stoch
Less Volume in the last few candles
more than a reason to buy this pair, But I will only buy during the Breakout. No breakout to the upside i will not enter this trade.
Good Luck and Trade Wisely
I'm bullish silver for a number of fundamental reasons, but if this pattern confirms, it's the technical icing on the cake and gives an initial upside target of around $18.5, which coincides nicely with a pre existing zone of horizontal support and resistance.
We also broke out of the long downtrend, we retested that steep line as support from the other side, and...
Short term sell for the breakout in this Oil. divergent already formed in stoch
If the short fromed Head and Shoulder. Will closed the short trade and perform long position.
Thanks To my friend on another forum that shows me this chart.
Volume shows no more interest in sell, Elliot wave shows 5 waves, pattern shows head and shoulder.
I will go Long for this one.
This trade will takes couple of months, if this trade did not suit your style. don't trade it.
Looks possibly bullish here as this could be an Inverse HnS pttn. going on right now & if it b/o of around the 189.50 levels then an extension of the move would bring it to tgt.#1=196-197 zone......as always watch volume for confirmation
