Potential Support At TL And Reversal @21.724 | $XAG $SLV #Silver
Traders,
On a pure technical basis, a support and bullish reversal potential event has shaped up. The predictive/forecasting model overlay also points to an early bullish reversal signal pending confirmation.
At this point, IF support holds at defined trendline, THEN I would expect a rallying and consolidation into the overhead forecast target: TG-1 = 21.724 - 03 JUL 2014.
Independent of the technical and predictive model consideration, my personal bias remains influence by the XAU:XAG relative strength chart released earlier this year - See chart with its replay feature here: tradingview.com/v/w6G3CwDJ/ or as a static image here:
. Note how well the KoD played out in this one.
OVERALL:
A technically-driven bias defines potential support at the current level, with nearby bullish target at 21.724 acting as potential resistance. A relative strength chart adds further bearish weigh against the white metal (see "Link To Related Idea) - Based on these conflicting perceptions, I will leave the directional indicator to NEUTRAL until both technical and predictive views come into alignment.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
Denver, CO USA
---------------------------
Twitter Handle: 4xForecaster
---------------------------
On a pure technical basis, a support and bullish reversal potential event has shaped up. The predictive/forecasting model overlay also points to an early bullish reversal signal pending confirmation.
At this point, IF support holds at defined trendline, THEN I would expect a rallying and consolidation into the overhead forecast target: TG-1 = 21.724 - 03 JUL 2014.
Independent of the technical and predictive model consideration, my personal bias remains influence by the XAU:XAG relative strength chart released earlier this year - See chart with its replay feature here: tradingview.com/v/w6G3CwDJ/ or as a static image here:
OVERALL:
A technically-driven bias defines potential support at the current level, with nearby bullish target at 21.724 acting as potential resistance. A relative strength chart adds further bearish weigh against the white metal (see "Link To Related Idea) - Based on these conflicting perceptions, I will leave the directional indicator to NEUTRAL until both technical and predictive views come into alignment.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
Denver, CO USA
---------------------------
Twitter Handle: 4xForecaster
---------------------------
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