Silver dropping below significant support level
Been a while since i've put a trade idea in..
I've had a sell order for Silver in place at 18.00 waiting for a while now.
As the chart shows.. Price has rebounded above the green Support line multiple times since the middle of 2013 giving rise to a stronger and stronger level of support. A few days ago this support level has been broken. Without a significant retest of this support, price is now continuing to slide lower.
I will use a price level slightly above the support level at 1.463 as my stop loss to account for a possible retest of support but I remain short on Silver.
Profit target will be around the $14 mark at which point I will bring my stop loss to lock in any profit and will let it run, however given a cross over of the RSI i may take any profits I have and wait for a retest/re-entry opportunity
Lets see what happens...
I've had a sell order for Silver in place at 18.00 waiting for a while now.
As the chart shows.. Price has rebounded above the green Support line multiple times since the middle of 2013 giving rise to a stronger and stronger level of support. A few days ago this support level has been broken. Without a significant retest of this support, price is now continuing to slide lower.
I will use a price level slightly above the support level at 1.463 as my stop loss to account for a possible retest of support but I remain short on Silver.
Profit target will be around the $14 mark at which point I will bring my stop loss to lock in any profit and will let it run, however given a cross over of the RSI i may take any profits I have and wait for a retest/re-entry opportunity
Lets see what happens...
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