Silver is trading inside a clear descending channel on the daily chart. The current bounce is approaching an important resistance / supply zone, where price may face rejection again. As long as price stays below this resistance and within the channel structure, the bias remains bearish. Lower High is printed, if bearish trend continues, we will see lower low, completing the ABC correction wave.
Invalidation:
A strong breakout and sustained close above 262,600.
Potential downside target:
Target 1 - Around 213,800, channel mid point.
Disclaimer:
This idea is shared strictly for educational purposes only. It is not financial or trading advice and not a recommendation to buy or sell any instrument. Markets involve high risk. Please do your own analysis and risk management before taking any trade.
Invalidation:
A strong breakout and sustained close above 262,600.
Potential downside target:
Target 1 - Around 213,800, channel mid point.
Disclaimer:
This idea is shared strictly for educational purposes only. It is not financial or trading advice and not a recommendation to buy or sell any instrument. Markets involve high risk. Please do your own analysis and risk management before taking any trade.
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.
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.