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Xagusdidea

Silver hovering right above major support,watch for bearish moveSell below 17.34. Stop loss at 17.48. Take profit at 17.11. Reason for the trading strategy (technically): Silver is now hovering above 17.34 major support (swing low support, Fibonacci retracement, ascending support) and a clean break of this level would trigger a bearish move to drive price down to at least 17.11 support (Fibonacci retracement, horizontal overlap support). RSI (34) sees an ascending support line hold price up really well correspondingly. A similar break of this support line would trigger a bearish move downwards.
FX:XAGUSDShort
by MEX_Exchange
4
Silver testing major resistance, prepare for a potential reversaSilver continues to test major resistance at 17.03 (Fibonacci retracement, breakout area) and a potential reversal could occur at this level. We can see that price has made a bearish exit of our long term ascending support-turned-resistance line and coupled with a bearish divergence, this could be the setup for a strong drop. RSI (34) has made a bearish exit of our long term ascending support-turned-resistance line signaling that a reversal is impending. Coupled with the bearish divergence we’re seeing vs price, this could be the precursor of a major bearish move. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
FX:XAGUSDShort
by Tickmill