Good weekend everyone,
WEEKLY:
As we can see on weekly timeframe, silver is been on a big descending triangle since 2016 and failed to break the descending trendline 7 times so far.
If you check the last weeks volume up-wave, its decreasing, maybe there is no interest on buying silver yet? The price closed the week below 50ema weekly.
DAILY:
After the rally upward, silver failed to keep creating new HH (chech RSI bearish divergence) and HLows and now is struggling around fibo retracement zone.
4H
Ok see these last green candles on the yellow circle? low volume say : no demand.
So overall, silver looks bearish so far and a break below current low can trigger a short opportunity with good RxR targeting the bottom of the big triangle, first support zone would be around 14.65 usd.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
WEEKLY:
As we can see on weekly timeframe, silver is been on a big descending triangle since 2016 and failed to break the descending trendline 7 times so far.
If you check the last weeks volume up-wave, its decreasing, maybe there is no interest on buying silver yet? The price closed the week below 50ema weekly.
DAILY:
After the rally upward, silver failed to keep creating new HH (chech RSI bearish divergence) and HLows and now is struggling around fibo retracement zone.
4H
Ok see these last green candles on the yellow circle? low volume say : no demand.
So overall, silver looks bearish so far and a break below current low can trigger a short opportunity with good RxR targeting the bottom of the big triangle, first support zone would be around 14.65 usd.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
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As i've said there is still lack of demand on silver, no volume up wave and increasing volume down wave, overall bearish behaviour.
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Good rally downside, there is still plenty room to go down.
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Silver failed to break 15.0 support so far ,but overall it doesnt look strong.
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UPDATE
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