Silver W/ topping tail and possible pullback.

What we are looking at here is the CFD on Silver on the Daily TF.

We are looking at a downward slopping trend line (top yellow line) that is acting as resistance.

Towards the end of the downward slopping trendline you will see a purple box which incases a potential topping tail. If this is a true topping tail (we will know at the close), combined with the resistance of the downward slopping trend line, creates a short term pull back.

The pullback that is being created will hit support at the convergence of the Orange Line (first support) and the bottom Yellow Line).

Where these two lines converge is also a 3.86 Fib retrace and a $22.00 dollar even number.

I will be watching this closely to see if this is a true topping tail so that way I can time my entry and exit.

What do you thing will happen when the stock hits the support, do you think it is going to create a bounce or is it going to break through for more downside?


This is not financial advice.