Silver has been in the current sideways range for 410 days and within this time it had printed its ATH of 30$ back in Feb 21.
In August we tested the bottom of the current range to around 22$ with a 11% move to the upside thereafter followed
by a strong rejection at 24.90 to push silver back down to the August range Lows at $22 for the back test.
We are sitting at the bottom of that range so an obvious choice would be to long or you could wait and see what reaction you get
at the levels marked .
I have marked the area you can expect support to step in if this were to reject from 24XX for example and break down from the channel .
If of course Silver claims that level 23.90 as a support then the middle of the channel will pose some resistances , with the Point of control and the .618 and the middle of channel .
Taking some profits if you are long from the bottom would be a good idea or consider shorts from this region .
Trade the range Until it Breaks was some great advice that I was taught !
Always Know your Invalidation and Have a Trading Plan !
Share Comment and Like ..Appreciated
In August we tested the bottom of the current range to around 22$ with a 11% move to the upside thereafter followed
by a strong rejection at 24.90 to push silver back down to the August range Lows at $22 for the back test.
We are sitting at the bottom of that range so an obvious choice would be to long or you could wait and see what reaction you get
at the levels marked .
I have marked the area you can expect support to step in if this were to reject from 24XX for example and break down from the channel .
If of course Silver claims that level 23.90 as a support then the middle of the channel will pose some resistances , with the Point of control and the .618 and the middle of channel .
Taking some profits if you are long from the bottom would be a good idea or consider shorts from this region .
Trade the range Until it Breaks was some great advice that I was taught !
Always Know your Invalidation and Have a Trading Plan !
Share Comment and Like ..Appreciated
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