Silver Bounce Or Break From Support ?
Updated
Hello mates, sharing the commodity silver futures weekly chart for educational purpose for that as we can see that 70000-68000 zones was a hazardous resistance for it and now we can see that price is trading near that zones so for that I am sharing my trading ideas for it below.
IDEA NUMBER ONE-:
Price is currently trading with well placed support on this weekly chart and it is trading near too a support by 50 EMA as we can see it gives a bounce two times earlier (mentioned on chart) from 50 EMA so if this time it we can see 75600 levels again, bounce could confirm according to our own setup or time frame too for we can go long.
IDEA NUMBER TWO-:
If it will breach it's mentioned support zone which is adjoined it's rising support trendline and 50 EMA too so we can make a short in it for the target of 62600 levels.
Executions-
All above mentioned ideas will be applicable on weekly closing basis only, one can use own setup or time frame according to provided levels if they are agreed that levels are right some how.
KINDLY NOTE-: This is not and trade or investment advice. This idea is meant for learning. Invest your capital at your own risk.
Regards-: Amit
IDEA NUMBER ONE-:
Price is currently trading with well placed support on this weekly chart and it is trading near too a support by 50 EMA as we can see it gives a bounce two times earlier (mentioned on chart) from 50 EMA so if this time it we can see 75600 levels again, bounce could confirm according to our own setup or time frame too for we can go long.
IDEA NUMBER TWO-:
If it will breach it's mentioned support zone which is adjoined it's rising support trendline and 50 EMA too so we can make a short in it for the target of 62600 levels.
Executions-
All above mentioned ideas will be applicable on weekly closing basis only, one can use own setup or time frame according to provided levels if they are agreed that levels are right some how.
KINDLY NOTE-: This is not and trade or investment advice. This idea is meant for learning. Invest your capital at your own risk.
Regards-: Amit
Note
SEEMS A GOOD BOUNCE SO FARNote
73000+ FROM 70000 GOOD TRAILING STOP LOSS IN HAND FOR THE LONGS FROM SUPPORT BOUNCE I HAVE, WELL RESPECTED TO 50 EMA TOONote
REACHING CLOSE TO POTENTIAL UPSIDE TARGET MATES!! CMP 75200 FROM 70000Trade closed: target reached
UPSIDE TARGET REACHED OF 75600 FROM 70000 SO CLOSING THIS TRADE, SILVER IS LOOKING MORE GOOD FROM HERE WILL PUBLISH A NEW IDEA ON IT. THANKS FOR GIVING WONDERFUL RESPONCE ON THIS IDEA. THANKS MODERATOR SIR AND TEAM TRADING VIEW FOR PICKING THIS IDEA AS A EDITOR'S PICK.
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.