Silver Weekly Resistance| Oversold bounce|Macro Structure
Evening Traders!,
Today’s update will be on Silver, which has breached an important weekly support, now potential resistance upon a retest.
Points to consider,
- Trend bearish (lower highs)
- Back test of Support likely
- RSI in oversold conditions
- Stochastics in lower regions
- Volume climax evident
- VPVR currently flat
Silvers overall trend has been putting in consecutive lower highs, it broke a major high timeframe support with a gap open. Back test of this support will confirm a bearish retest, which will be extremely bearish.
The RSI is in oversold conditions, leading silver to a probable oversold bounce into weekly resistance. Stochastics is in the lower regions, can stay trading here for an extended period of time, however lots of stored momentum to the
upside.
Volume climax is evident, with above average nodes, sign that a temporary bottom may be in. The VPVR is currently flat, this is within the open gap region where silver is likely to fill for a retest.
Overall, in my opinion, Silvers oversold bounce is probable for a retest of weekly resistance; a rejection will be very bearish for the overall macro structure.
What are your thoughts?
Please leave a like and comment,
And remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone
Today’s update will be on Silver, which has breached an important weekly support, now potential resistance upon a retest.
Points to consider,
- Trend bearish (lower highs)
- Back test of Support likely
- RSI in oversold conditions
- Stochastics in lower regions
- Volume climax evident
- VPVR currently flat
Silvers overall trend has been putting in consecutive lower highs, it broke a major high timeframe support with a gap open. Back test of this support will confirm a bearish retest, which will be extremely bearish.
The RSI is in oversold conditions, leading silver to a probable oversold bounce into weekly resistance. Stochastics is in the lower regions, can stay trading here for an extended period of time, however lots of stored momentum to the
upside.
Volume climax is evident, with above average nodes, sign that a temporary bottom may be in. The VPVR is currently flat, this is within the open gap region where silver is likely to fill for a retest.
Overall, in my opinion, Silvers oversold bounce is probable for a retest of weekly resistance; a rejection will be very bearish for the overall macro structure.
What are your thoughts?
Please leave a like and comment,
And remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone