The price of silver has been consolidating for a while and has been moving below the key resistance. We’re talking about the line drawn through the tops since August 2020. What is more, the price has created a potential inverted head and shoulders pattern with potential support at 23,67 USD. At that level the left and right shoulder may be located.
If the mentioned trendline along with the top at 24,90 USD is broken we may expect another upward movement to the textbook target located near 28 USD. It seems that only a move below 23,67 USD may change the scenario from bullish to bearish.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
If the mentioned trendline along with the top at 24,90 USD is broken we may expect another upward movement to the textbook target located near 28 USD. It seems that only a move below 23,67 USD may change the scenario from bullish to bearish.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
