Articles
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SILVER - Weekly Report
The upside move we witnessed on Friday indicates the possibility of forming the bullish harmonic alternative Bat Pattern. By examening the above graph, we notice that the long candle formed on Friday strengthens the possibility of the pattern. The main drawback for the formation is that CD Leg was completed at 18.75 instead of 18.57 at 113% correction which is not ideal.
Generally, the formation is technically correct and we will bet on an upside move, while trading above 19.13 makes the bullish possibility valid and a break above 19.89 triggers a bullish rush targeting 20.60. A break below 19.03 weakens the bullish wave.
Support 19.54 19.45 19.13 19.03 18.80
Resistance 19.74 19.89 20.06 20.24 20.38
Recommendation
According to the above, long silver above 19.54, targeting 19.89, 20.06 then 20.60, while stop-loss below 18.80.Note: This is only to define the trend, for more details please visit the Recommendation section
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