Hi Traders!
There is a potential breakout on SILVER as it tries again to break the long-term support level.
Here are the details:
Looking at the price action, it looks bearish; the market swings are lower with lower highs and lower lows. The market has broken and closed under the 20 EMA, and this is the third time around the 21.885 support level.
The plan is to wait and see how the market reacts at 21.885. If the market holds above this level, then it will likely target the resistance trendline. However, if there is a break and close below 21.885, there is a good chance of targeting the long term support level at 20.696.
Preferred Direction: Sell
Technical Indicators: 20 EMA
Resistance 1: 22.639
Support 1: 21.885
Support 2: 20.696
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
There is a potential breakout on SILVER as it tries again to break the long-term support level.
Here are the details:
Looking at the price action, it looks bearish; the market swings are lower with lower highs and lower lows. The market has broken and closed under the 20 EMA, and this is the third time around the 21.885 support level.
The plan is to wait and see how the market reacts at 21.885. If the market holds above this level, then it will likely target the resistance trendline. However, if there is a break and close below 21.885, there is a good chance of targeting the long term support level at 20.696.
Preferred Direction: Sell
Technical Indicators: 20 EMA
Resistance 1: 22.639
Support 1: 21.885
Support 2: 20.696
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX