Silver Price Action Analysis: Potential Reversal and Key Levels

Silver Price Action Analysis: Potential Reversal and Key Levels
Chart Analysis
Description
The chart displays the price action of Silver (CFDs on Silver / OZ) on a 4-hour timeframe. The chart includes several technical indicators and levels:

Price Levels:

Resistance Levels: 32.9560, 32.3239, 32.3239

Support Levels: 30.8758, 29.6600, 29.6210, 29.5970, 29.1886, 28.7300

Volume Profile:

The volume profile on the right side shows high trading activity around the 29.5970 level, indicating a significant area of interest.

Indicators:

Relative Strength Index (RSI): The RSI is currently at 59.10, indicating potential bullish momentum.

MACD: The MACD histogram shows a mix of green and red bars, suggesting a period of consolidation with potential bullish divergence.

Smart Money Concepts (SMC):

Change of Character (ChoCH) and Break of Structure (BOS) are marked, indicating potential reversal points.

Elliott Wave Analysis:

The chart shows potential wave patterns, suggesting a corrective phase might be ending, and a new impulsive wave could start.

Buy and Sell Strategies
Buy Strategy
Entry: 29.5970 (current price level with high volume)
Take Profit 1 (TP1): 30.8758 (next resistance level)
Take Profit 2 (TP2): 32.3239 (higher resistance level)
Stop Loss (SL): 28.7300 (below the recent support level)

Sell Strategy
Entry: 29.1886 (if price breaks below this support level)
Take Profit 1 (TP1): 28.7300 (next support level)
Take Profit 2 (TP2): 27.0000 (lower support level)
Stop Loss (SL): 29.6600 (above the recent resistance level)

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