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Silver (SI) Tries Halting Slide Towards 2022 Low

Silver (SI) Tries Halting Slide Towards 2022 Low

Posted October 19, 2022
Darren Chu
Tradable Patterns
SI

Silver (SI) Tries Halting Slide Towards 2022 Low

Silver (SI) is consolidating near downchannel resistance (on the 4hr chart), trying to halt the slide since the October high.  Before bulls get excited, they’ll need to see a reclaiming of the psychologically key 20 whole figure level, which would dramatically increase odds of a test of the October high in the few days after.  In the meantime, the still sizeable gap between the descending wedge support and resistance (on the weekly chart) suggests an elevated risk for a retesting of the 2022 low before month end, and moderate odds of sliding back to wedge support at least one more time as part of the major bottoming effort.  Watch for volatility with Thursday’s US Philly Fed manufacturing index, and with further escalation in the Ukraine-Russia conflict.  Congratulations to readers who heeded the warning December 16, 2020 of SI’s breakout above its daily chart downchannel resistance and who benefited.  Except for the daily MACD which still slopes down, the weekly and daily RSI, Stochastics and MACD are bottomish.  I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Tuesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on NATURAL GAS, NASDAQ100

Source: Interactive Brokers TWS

Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021

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