SILVER IS BULLISH TO $34!
Silver Long / buy idea
On high timeframes monthly & weekly silver is bullish and currently at a higher low which also aligns very nicely with a strong support level which is being rejected.
On the daily timeframe the SMA's have crossed and the market does look to have pulled back and is currently rejected that price level which is good confluence that the trend is changing on the lower time frames to a bullish trend, which again is confluence of a bullish market due to the overall trend being bullish as shown on higher time frames
On the daily & 4hr the fib also aligns very nicely with other technical factors, the market has touched the 61.8% retracement level and looks to be rejecting that area.
The fib gives a target price of $34 which is slightly under the ATH. I would st stop at around $29 to give some protection from the support level, if price does pull back down then the support is there to act as a barrier to rebound the market and stop us from bing stopped out.
1:4 RR on this trade with a potential 12% ROI.
On high timeframes monthly & weekly silver is bullish and currently at a higher low which also aligns very nicely with a strong support level which is being rejected.
On the daily timeframe the SMA's have crossed and the market does look to have pulled back and is currently rejected that price level which is good confluence that the trend is changing on the lower time frames to a bullish trend, which again is confluence of a bullish market due to the overall trend being bullish as shown on higher time frames
On the daily & 4hr the fib also aligns very nicely with other technical factors, the market has touched the 61.8% retracement level and looks to be rejecting that area.
The fib gives a target price of $34 which is slightly under the ATH. I would st stop at around $29 to give some protection from the support level, if price does pull back down then the support is there to act as a barrier to rebound the market and stop us from bing stopped out.
1:4 RR on this trade with a potential 12% ROI.
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