The price of silver bounced back from the key support level at 22,52 USD. This level has stopped the correction on the silver market three times in a row. However, currently the market has reached and tested line drawn through the tops from the high set in August. The whole pattern seems to look like a big triangle.
What is more, within the mentioned pattern an inverted head and shoulders has occurred. The neckline is placed at 24,90 USD and if it is broken we may expect a rally to the textbook level at 27,64 USD.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What is more, within the mentioned pattern an inverted head and shoulders has occurred. The neckline is placed at 24,90 USD and if it is broken we may expect a rally to the textbook level at 27,64 USD.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
