BluetonaFX - SILVER Ascending Channel Opportunity

Hi Traders!

There is an ascending price channel on the 1D Silver chart. Looking at the price action on the chart, there is a bullish bias to this setup; the swings in the channel are getting higher with higher highs and higher lows, and there are a few possible resistance targets above.

23.228 is the level here; this level has not had a close above it for 4 weeks as there is strong resistance here. If there is a break and close above this level, then we expect resistance at the psychological 24.000 level, and above that, our long-term resistance level is at 24.521.

If there is no break and close above 23.228 and the bullish momentum will likely fade, we may possibly target support levels instead and look at opportunities to go short. There is long-term support at 22.117.

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BluetonaFX