Silver Update: Chasing weekly trendline resistance

Silver Update: Chasing weekly trendline resistance

30 May 2017, 12:44
hoagtrading
0
42

Talking Point:

  • Technical Strategy: Turning Bearish
  • Elliottwave View: Progressing reversal.

Analysis

Silver is working on testing it's weekly trendline resistance. Last time it was tested 2nd Mar, 2017 and able to break and sustain it's breakout on 4th Apr, 2017. However, we see on 25th Apr, it was tested again but not able to sustain it's breakout and able to break and stay back. Post that move, silver was in bear mode and went till $16. From $16, commodity started showing correction and testing again same trendline. we are seeing continue

Action
Shorted pair @ 17.44 with 18.00 stoploss. Target will be define based on future price action.

Files:
VFdGgmvE.png 93 kb
Share it with friends: