SILVER trade ideas
Sell Trade set up April/May ContractOne can look for short selling on reversal 2 hour at or near the possible reversal area and look to book by trailing stop near the target
Some bounce back may happen..Some bounce back may happen.. becoze it is near around downtrend channel support line...
nd as per RSI Indicator it is at oversold level..
Silver : Wolfe PatternSilver looks to have formed bullish Wolfe Pattern on daily chart. Breakout has already taken place. Silver should touch $15.65 by ETA of 13th May 2019 (converging point of wedge). Wave 1 took 11 days , wave 2 took 11 days, wave 3 is much shorter and took 4 days (aberration), Wave 4 took 10 days. If we go for symmetry then we won't find as Point 1 to 3 took 22 days but point 3 to point 5 took 14 days.
It is up to the analyst to consider it Wolfe or Bullish Wedge pattern. Stop loss of buy would be on close below low of Point 5 which is $ 14.70 (margin of safety).
Silver : Time to go long ?Silver is trading near the support of Golden Ratio (61.8%). Silver had faced hurdle at $ 14.60-15 range when it posted bottom at $ 13.89. It has now become support zone.White metal has bounced from 61.8% retracement of rally from $13.89 to $16.21 which is $14.78. Resistance on higher side is at $ 15.12 and $15.40. ROC and Stochastic are showing positive divergence on daily chart.Historically, Gold Silver ratio has averaged around 66 level which is now trading at 85. If we assume that mean reversion will take place in near term, then at $1400 price of Gold (analyst consensus), silver should trade at $ 21 level. CFTC Non Commercial net position has dropped from high of 58300 long (5-Marc-19) to 5900 long in last reading of 20th April.Silver had posted $ 13.70 bottom in Dec 2015 and then we saw rally towards $21 in just 6 months of time frame.
Our take : Buy Silver on daily close above $ 15.12 with stop loss of $14.70 (daily closing) for target $ 16.21- $17.20.
SILVER 30SILVER looks bullish, RSI also crosses 60 mark with positive upward momentum.
Buying SILVER is a good idea for now. TARGET- 15.470 with 1:2 Risk/Reward
MONK NEGOTIATES SILVERTRADE SETUP AS PER MONK STRATEGY.
ONE SINGLE TRENDLINE AND THAT IS ALL YOU NEED TO TRADE AS PER PRICE ACTION.
ALL THE BEST
SILVER good to buy on dips around $15.40-15 with SL around $14.7Silver continues to trade higher for second consecutive day and closed above $15.50 for the first time since June 2018. This confirms major bullishness and a jump till $15.90/$ On the higher side, yellow metal is facing strong psychological resistance around $16.21 and break above will take the silver to next level till $17.40/$18.64.
The near term support is around $14.80-14.40 and any violation below will drag the commodity down till $13.90/$12.55.Any break below $12.55 confirms minor weakness.
It is good to buy on dips around $15.40-15 with SL around $14.70 for the TP of $17.40-18.64.
BREAKOUT @ SILVER (UPDATE)LEVELS MENTIONED IN THE CHART.
Disclaimer:
It is very important to do your own analysis before making any investment based on the chart mentioned here.
Trade wisely!
FLAG-PENNANT @SILVERLEVELS MENTIONED IN THE CHART.
Disclaimer:
It is very important to do your own analysis before making any investment based on the chart mentioned here.
Trade wisely!
