The Silver market is challenging the upper boundary of a major bear channel or flag on the weekly and daily graphs. This breakout roughly corresponds to the Oct 38 high at 3570. As I write this the Silver market has traded above $36.
In my mind, the upper boundary needs to be decisively penetrated. This would mean a close over $37. There is a tactical problem with this breakout — how does not buy the strength required to confirm a breakout without extending risk to a level beyond reason.
Risk management and entry strategy is obviously up to each individual trader. In my approach the correct spot for protecting a long trade would be the low of Feb 23, or 3423. An optional spot would be the Feb 27 low at 3504.
The counterpart chart of SLV is below.
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Major Upside Breakout on Silver Chart?
Published 02/28/2012, 10:39 AM
Updated 07/09/2023, 06:31 AM
Major Upside Breakout on Silver Chart?
If breakout is successful, the target is $53.50
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Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
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