Weekly Chart: Silver has been ranging for the last two months, consolidating between approximately $32 and $28. Last week's price action featured a top wick (rejection) and an inside close, suggesting bullish exhaustion.
Daily Chart: The last day's price action showed a lower low and lower close below $30.032, confirming a clear breakout of the daily range that further supports weekly bias indicating a potential move down to around $28.50.
4-Hour Chart: On the 4-hour chart, there is a succession of lower lows (LLs) and lower highs (LHs) suggesting a downward trend. We aim to see a pullback around $30.03/16 for a short position.
Sell Limit Entry: 30.03/16
Stop Loss: Above 30.27
Take Profit: 29.37, 28.75
Note: We are not rushing into a short position unless we get a pullback to a key level. If it doesn't come, that's fine — we'll find another opportunity.
Daily Chart: The last day's price action showed a lower low and lower close below $30.032, confirming a clear breakout of the daily range that further supports weekly bias indicating a potential move down to around $28.50.
4-Hour Chart: On the 4-hour chart, there is a succession of lower lows (LLs) and lower highs (LHs) suggesting a downward trend. We aim to see a pullback around $30.03/16 for a short position.
Sell Limit Entry: 30.03/16
Stop Loss: Above 30.27
Take Profit: 29.37, 28.75
Note: We are not rushing into a short position unless we get a pullback to a key level. If it doesn't come, that's fine — we'll find another opportunity.
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