Head and Shoulders formation, Short (short term: This week)
Updated
I'd would like to point out that on the long run I'm LONG on Silver for different reason, one of which is that silver is very undervalued and cheap. On the short run, you can see that Silver is going sideways in a channel, from which it would soon break out. In the meanwhile, there's an money making oppurnity If you know how ride these waves. On the 1H, 2H, and 4H charts you can see a formation of a Head and Shoulders, after silver has touched the resistance (upper line) of the channel last week on Friday at 16.828. I'm expedting Silver to touch 16.1. It might not go below (to the lower line of the channel) because there's support which you see on the Daily Chart.
P.S: A confirmation of a reversal caused by Head and Shoulders would be when price goes and remains below the Neckline (Notice Red Circle)
P.S: A confirmation of a reversal caused by Head and Shoulders would be when price goes and remains below the Neckline (Notice Red Circle)
Trade closed manually
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