Several technical chart patterns have given warning signs:
a) 3 descending peaks; the price has broken the neckline!
b) a negative wedge (yellow); the price has broken the lower limit.
c) the long descending trend line has been broken to the bottom.
d) the resistance on 15,50$ (fib retracement 23.6%) has been broken
Also the indicators show a weakening condition since June.
Taking this altogether I don´t see much chances on the upper side. I would wait until a new trend has been set.
Possible turning points:
a) swing trend line at 14.23$ (also the actual lower limit of the falling trend channel); but it has been broken and should be reentered within the next hours to stay intact
b) fib retracement 0 at ~ 13.80$ (coming from the last upwards trend in jan 2016) - this must stop the negative trend ! Otherwise the price can fall dramatically!
c) taking the spread of the opening of the mentioned wedge and shifting it to the point where Silver has left it we arrive at levels around 12,40$
What is giving a little hope is the fact, that RSI is already very low - near oversold area.
My conclusion: stay away and wait until a new trend is set.
No trading advice.
a) 3 descending peaks; the price has broken the neckline!
b) a negative wedge (yellow); the price has broken the lower limit.
c) the long descending trend line has been broken to the bottom.
d) the resistance on 15,50$ (fib retracement 23.6%) has been broken
Also the indicators show a weakening condition since June.
Taking this altogether I don´t see much chances on the upper side. I would wait until a new trend has been set.
Possible turning points:
a) swing trend line at 14.23$ (also the actual lower limit of the falling trend channel); but it has been broken and should be reentered within the next hours to stay intact
b) fib retracement 0 at ~ 13.80$ (coming from the last upwards trend in jan 2016) - this must stop the negative trend ! Otherwise the price can fall dramatically!
c) taking the spread of the opening of the mentioned wedge and shifting it to the point where Silver has left it we arrive at levels around 12,40$
What is giving a little hope is the fact, that RSI is already very low - near oversold area.
My conclusion: stay away and wait until a new trend is set.
No trading advice.
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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.
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.