Silver - A cautious sell at the Kumo. Watch px at 16,25-16,30!
Silver gave a short term sell signal on friday and seems to confirm today. For a few more days it may dip, but we have to be very cautious with this short, I show you why:
Weekly:
- Ichimoku setup is turning a bit back to neutral from bearish: Chikou hits Price, weak bullish Tenkan/Kijun setup
- weekly trading range is 15,60 - 18,00. A break above 18,00 would turn Silver into strategic bullish
- Heikin Ashi signal is rather bullish, but the current candle has one week to develop. In case we see selling this wee in Silver, the candle will change back to neutral.
- weekly Kijun Sen support is 16,23
Daily:
- Nice bullish move from the lows of 15,50, exactly up to the Kumo. the Kumo stopped bulls for now. Heikin Ashi candle showed undecision on Friday and is followed by a bearish candle today. From this setup we can see a dip back to Kijun Sen at 16,30. Wether it will decrease further is a question, as the Ichimoku setup itself i less bearish now.
- Ichimoku setup is neutral: weak bullish Tenkan/Kijun cross, Chikou crossed above past candles and price should decrease a lot to change it back to bearish.
So going with Heikin Ashi signal I enterred short position. For a few more days it can work, but we have to watch price action closely at daily Kijun Sen, especially that it is almost at same level as the weekly Kijun, so it will is extremely important.
Weekly:
- Ichimoku setup is turning a bit back to neutral from bearish: Chikou hits Price, weak bullish Tenkan/Kijun setup
- weekly trading range is 15,60 - 18,00. A break above 18,00 would turn Silver into strategic bullish
- Heikin Ashi signal is rather bullish, but the current candle has one week to develop. In case we see selling this wee in Silver, the candle will change back to neutral.
- weekly Kijun Sen support is 16,23
Daily:
- Nice bullish move from the lows of 15,50, exactly up to the Kumo. the Kumo stopped bulls for now. Heikin Ashi candle showed undecision on Friday and is followed by a bearish candle today. From this setup we can see a dip back to Kijun Sen at 16,30. Wether it will decrease further is a question, as the Ichimoku setup itself i less bearish now.
- Ichimoku setup is neutral: weak bullish Tenkan/Kijun cross, Chikou crossed above past candles and price should decrease a lot to change it back to bearish.
So going with Heikin Ashi signal I enterred short position. For a few more days it can work, but we have to watch price action closely at daily Kijun Sen, especially that it is almost at same level as the weekly Kijun, so it will is extremely important.
