How many more failures above $33.50 will silver bulls need to see before they step aside and let the market correct? Nine times since mid-April we’ve seen the level breached, only for price to reverse lower—providing a decent short setup if and when the bulls give up.
Positions could be established around the level with a stop above $33.69 for protection, targeting the 50DMA initially with $32.00 and $31.67 options after that. If the price is unable to break uptrend support, considering squaring the position. It’s found around $33.20 today.
Momentum indicators remain bullish, although there are signs upward momentum is waning.
If the bulls manage to break and hold above $33.69, the setup could be flipped, with longs established on the break and a stop beneath for protection. The March high of $34.59 screens as an obvious target.
Good luck!
DS
Positions could be established around the level with a stop above $33.69 for protection, targeting the 50DMA initially with $32.00 and $31.67 options after that. If the price is unable to break uptrend support, considering squaring the position. It’s found around $33.20 today.
Momentum indicators remain bullish, although there are signs upward momentum is waning.
If the bulls manage to break and hold above $33.69, the setup could be flipped, with longs established on the break and a stop beneath for protection. The March high of $34.59 screens as an obvious target.
Good luck!
DS
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。