Silver is trading into a down sloping wedge. The surrounding BB's are suggesting a lower boundary, downward penetration. I believe support could be found at the 16.30 level with a SL under 21Mar swing low at (say) 16.15 The long entry should be taken on an upside break and close above the yellow wedge radian and ideally as close to 16.30 as possible, or better. Don't be over anxious. I also believe we may get a lower fake fade. Remember there is a lot of "good" news circulating at the moment to support a fake. Exit (TPs) will be at the (old) rising trend line that let me down last time &/or the horizontal (red) upper channel (circa) 16.80 So there is a 50c profit potential against a 15c loss or (say) 3:1 before costs. If you are trading warrants or options buy yourself some time (say) Sep or Dec (U or Z) and trail your stop coz there is Upper Resistance all over the shop!
Just a quick update: Ag has rallied from a bar close and is rolling over. This looks like a mid point flag set up possibility
If it is a flag, then it should pull back to 16.44/.37 That would also close the gap (open up). So we place a Buy order there with a SL (say) 16.33
The upside flag break out should be (16.55-16.12) + the top of the next bar (not wick) (say) 16.44 := 16.87 which is pretty close to our upper boundary.
RR is 0.40 : 0.10 or approx. 4:1 and should be all over in 3 - 5 days
... just my ("All Aboard") 2c worth ...
If it is a flag, then it should pull back to 16.44/.37 That would also close the gap (open up). So we place a Buy order there with a SL (say) 16.33
The upside flag break out should be (16.55-16.12) + the top of the next bar (not wick) (say) 16.44 := 16.87 which is pretty close to our upper boundary.
RR is 0.40 : 0.10 or approx. 4:1 and should be all over in 3 - 5 days
... just my ("All Aboard") 2c worth ...