SILVER - DAILY - FALLING WEDGE IN PROGRESS !
WEEKLY (W1)
WEEKLY CLOUDS BOTTOM LEVEL AND KIJUN SEN HOLD for the time being several consecutive downside breakout attempts over the last couple of weeks and the $ 24.00 area should really be seen as a VERY IMPORTANT SUPPORT LEVEL.
ON THE UPSIDE and in order to neutralise the ongoing downside pressure in this weekly time frame, we needs to see a weekly closing above the top of the clouds @ $ 26.00
DAILY (D1)
FALLING WEDGE IN PROGRESS with in the middle of this pattern the weekly KIJUN-SEN, acting currently as an important support to watch at very carefully.
On the upside, R1 @ $ 25.11 ahead of the cluster of MBB and the ongoing downtrend line resistance currently @ $25.26-$25.35; a daily closing above $ 25.35 would be the first warning signal of a potential activation of the falling wedge previously mentioned, opening the door for $ 28.25.
On the downside, a failure to hold on a daily closing basis above $ 24.40 would put the focus on lower levels towards the daily clouds support area between $ 24.15 - $ 23.50. FYI , weekly MBB @ $ 23.73
RSI, slightly below 50 @ 48.70.
LAGGING LINE still above TS and KS which, for the time being is bringing some additional support.
4 HOURS (H4)
Below the clouds, attempting to recover in progress.
A successful H4 closing level above the top of the clouds $ 25.11 would support further upside.
HOURLY (H1)
Same comment than H4, watch on the upside the top of the clouds currently @ 24.92 and on the downside the cluster support of KS and TS @ 24.70
IRONMAN8848 - Jean-Pierre Burki
WEEKLY CLOUDS BOTTOM LEVEL AND KIJUN SEN HOLD for the time being several consecutive downside breakout attempts over the last couple of weeks and the $ 24.00 area should really be seen as a VERY IMPORTANT SUPPORT LEVEL.
ON THE UPSIDE and in order to neutralise the ongoing downside pressure in this weekly time frame, we needs to see a weekly closing above the top of the clouds @ $ 26.00
DAILY (D1)
FALLING WEDGE IN PROGRESS with in the middle of this pattern the weekly KIJUN-SEN, acting currently as an important support to watch at very carefully.
On the upside, R1 @ $ 25.11 ahead of the cluster of MBB and the ongoing downtrend line resistance currently @ $25.26-$25.35; a daily closing above $ 25.35 would be the first warning signal of a potential activation of the falling wedge previously mentioned, opening the door for $ 28.25.
On the downside, a failure to hold on a daily closing basis above $ 24.40 would put the focus on lower levels towards the daily clouds support area between $ 24.15 - $ 23.50. FYI , weekly MBB @ $ 23.73
RSI, slightly below 50 @ 48.70.
LAGGING LINE still above TS and KS which, for the time being is bringing some additional support.
4 HOURS (H4)
Below the clouds, attempting to recover in progress.
A successful H4 closing level above the top of the clouds $ 25.11 would support further upside.
HOURLY (H1)
Same comment than H4, watch on the upside the top of the clouds currently @ 24.92 and on the downside the cluster support of KS and TS @ 24.70
IRONMAN8848 - Jean-Pierre Burki
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