Silver to $20-22
A lot going on the 10-day chart below that makes me bearish for the near term, including:
1) Bearish rising wedge. These formations rarely breakout to the upside, so keep an eye on it as a breakdown will almost certainly mean the target mentioned in the title.
2) Regular Bearish Divergence. Price action prints higher highs as both RSI and Stochastic RSI prints lower highs. Do not ignore.
Long term bullish investors should do nothing, silver is a good hold for the years ahead. If you’re a swing trader, this seems like a no brainer. Risk of downside surpasses probability of continued upside following a 100% gain.
Is there a bullish outlook? Yes. RSI remains 50+. Anything up here on the 10-day is bullish. So how we reconcile this information with the above? Looking at RSI a little more closely one can see the lower highs printed are projecting resistance until March 2022 before the 50 level is tested again. Until then.
Trade is void if price action closes a 10-day candle at $28
1) Bearish rising wedge. These formations rarely breakout to the upside, so keep an eye on it as a breakdown will almost certainly mean the target mentioned in the title.
2) Regular Bearish Divergence. Price action prints higher highs as both RSI and Stochastic RSI prints lower highs. Do not ignore.
Long term bullish investors should do nothing, silver is a good hold for the years ahead. If you’re a swing trader, this seems like a no brainer. Risk of downside surpasses probability of continued upside following a 100% gain.
Is there a bullish outlook? Yes. RSI remains 50+. Anything up here on the 10-day is bullish. So how we reconcile this information with the above? Looking at RSI a little more closely one can see the lower highs printed are projecting resistance until March 2022 before the 50 level is tested again. Until then.
Trade is void if price action closes a 10-day candle at $28
Trade active
A very impressive breakout. 1st target is expected to hold however nothing is certain. If it fails look at $16 area.Trade active
Freefall modusTrade active
Price actions breaks through the annual EMA (green line). Bulls needs to take this EMA as support before August 27th. Failure to do so will be very bearish in the short term. Trade active
15% correction so far. Watch $21, if it fails then it is straight to $18.Trade closed: target reached
Now 18% correction and showing no signs of stopping. Bulls must defend $21. As mentioned above, $21 fails to hold it is straight to $18.Note
Price action failed to hold the 500-day EMA as support, a historically important EMA for silver. $18 is now high probability.Note
I’m sorry silver bugs, more bad news… With recent confirmation of price action and RSI resistance the downtrend is now projected to last for at least another year.Note
Silver moved up too fast too quickly, take a cheeky swing trade back down to support... 
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Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.