https://blog.techcharts.net/wp-content/uploads/2021/11/Nov-14-Featured-Image.png 465 932 Aksel Kibar https://blog.techcharts.net/wp-content/uploads/2017/05/Tech-Charts-logo-FINAL-CLEAN-340w.png Aksel Kibar2021-11-14 20:09:032021-11-14 20:09:03SILVER
Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s, select commodities, cryptocurrencies and global equity indices. Below chart is from the review section of the weekly report. It is featuring SILVER prices on different time frames.
SILVER (CASH PRICE)
Silver remains range bound between 21.8 and 30 levels. A great text-book opportunity might be developing as price pulled back for couple of weeks to form the right shoulder of a possible H&S bottom. Breakout above the 200-day average changed the outlook to positive. A possible H&S bottom reversal might be completing (as can be seen on daily scale) with the neckline at 24.7 levels. Price target for the H&S bottom reversal stands at 27.7 levels.
The daily scale price chart of Silver shows much better the developing possible H&S bottom with the neckline that was acting as resistance at 24.7 levels. This was also the 200-day average. Breakout cleared both technical hurdles and now suggests higher prices. Price objective for the H&S bottom stands at 27.7 levels. The low of the right shoulder at 23 levels will act as the chart pattern negation level for the H&S bottom reversal.
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