POV: Silver - At the Crossroads of Bullish and Bearish
Silver is currently at a conjunction level where both bullish and bearish signs are present. However, stronger signals lean bearish, and my view aligns with that.
Key Observations:
1️⃣ Complex Head and Shoulders Pattern:
A Head and Shoulders pattern is forming inside the shoulder of another larger Head and Shoulders pattern.
2️⃣ Fibonacci Levels:
The base of both Head and Shoulders patterns aligns with Fibonacci levels of 0.5–0.618.
3️⃣ Target Alignment:
Targets for both patterns converge at the same level, adding weight to the bearish outlook.
4️⃣ Shoulder Target:
The target for the smaller shoulder aligns with Fib levels of 0.764–0.786.
5️⃣ Weekly Divergence:
The higher head and previous swing in the weekly timeframe show divergence.
6️⃣ RSI (14):
SMA(RSI (14),20) falling below 50, signalling weakening momentum.
7️⃣ 200 SMA Breach:
Yesterday’s close fell below the 200 SMA, a critical bearish indicator.
Disclaimer:
For educational purposes only, not financial advice.
Silver is currently at a conjunction level where both bullish and bearish signs are present. However, stronger signals lean bearish, and my view aligns with that.
Key Observations:
1️⃣ Complex Head and Shoulders Pattern:
A Head and Shoulders pattern is forming inside the shoulder of another larger Head and Shoulders pattern.
2️⃣ Fibonacci Levels:
The base of both Head and Shoulders patterns aligns with Fibonacci levels of 0.5–0.618.
3️⃣ Target Alignment:
Targets for both patterns converge at the same level, adding weight to the bearish outlook.
4️⃣ Shoulder Target:
The target for the smaller shoulder aligns with Fib levels of 0.764–0.786.
5️⃣ Weekly Divergence:
The higher head and previous swing in the weekly timeframe show divergence.
6️⃣ RSI (14):
SMA(RSI (14),20) falling below 50, signalling weakening momentum.
7️⃣ 200 SMA Breach:
Yesterday’s close fell below the 200 SMA, a critical bearish indicator.
Disclaimer:
For educational purposes only, not financial advice.
Not
Long Entry triggered, but I will give time to this week closed for positional trade for 96K
Blogs : substack.com/@kzatakia
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Blogs : substack.com/@kzatakia
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.