The Short term support line 17.93 protected an invasion to the lower side. Silver should trade with a bullish bias unless the lower trend line (bottom of the rising Andrews' pitchfork). With that said, there's already a buy signal in this market towards 18.76. Unless there's a clear breach below 17.73, I'm long with a SL below 17.50 and a TP fixed at 18.76.
Technical levels:
Resistance levels
R1: 19.35
R2: 18.60
R3: 21.11
Pivot Point
17.8
Support Levels
S1: 16.78
S2: 16.46
S3: 15.88
Trade Signal
Long Silver towards 18.60.
WTI Review:
Technical Observation:
Recently, Light Sweet Crude oil Futures broke out below the support 50.54-50.12 but is currently retracing. From the Daily chart, a key short term support has just been broken, and the slightest retracement to the just broken support will be the best place to short this Futures. I will only be intrested to long this future should the price breakout above 50.12 and then retrace back to it. My advice therefore, unless this zone is breached to the upper side, I'm short with my SL above 50.54 and my TP at 48.02.
Technical levels:
Resistance levels
R1: 53.72
R2: 51.45
R3: 54.42
Pivot Point
51
Support Levels
S1: 48.78
S2: 43.90
S3: 41.64
Trade Signal
Short WTI towards 48.02.
Possible Double Top Formation:
Technical Observation:
Recently, German stocks index gaped into a key weekly resistance line 12339; From the weekly chart above, this could be a possible double top formation. In case of a rejection from this line, I will consider a short position towards 7749. A clean bullish breach above 12590.1 will mean I'm waiting for a retracement to the just broken zone to buy this breakout. Temporarily, I will consider short positions with my Stop loss slightly above 12634.4 and my Take profit at 7270.5.
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