Silver current distribution, short?
In my previous idea of a long setup for silver, the trade was not triggered as a momentum close was not achieved.
After close observation of the precious metal, all signs pointed to a gradual distribution that has been ungoing for quite a while and is most probably at its final stages viz Last point of supply LPSY.
This shld be followed by an extended downturn of prices.
On the technical side, Silver is below a strong monthly resistance of 22.05585 after breaking out and closing below this key level with convincing volume.
Of course a test follows and to our great benefit it occurs on reducing volume signalling it is not a strong move up.....time to short.
Wait a minute, not so fast.
We need a momentum downside breakout from the minor support which occurs at 21.6528, this shld concise with the breakout of the support of the lower timeframe ascending trend line.
Observe strict risk management.
This is just my idea and opinion, do your own due diligence before entering a trade.
Checkout my other ideas....
After close observation of the precious metal, all signs pointed to a gradual distribution that has been ungoing for quite a while and is most probably at its final stages viz Last point of supply LPSY.
This shld be followed by an extended downturn of prices.
On the technical side, Silver is below a strong monthly resistance of 22.05585 after breaking out and closing below this key level with convincing volume.
Of course a test follows and to our great benefit it occurs on reducing volume signalling it is not a strong move up.....time to short.
Wait a minute, not so fast.
We need a momentum downside breakout from the minor support which occurs at 21.6528, this shld concise with the breakout of the support of the lower timeframe ascending trend line.
Observe strict risk management.
This is just my idea and opinion, do your own due diligence before entering a trade.
Checkout my other ideas....
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