SILVER – DAILY – FALLING WEDGE IN PROGRESS ! by Ironman8848 on TradingView.com


WEEKLY CLOUDS BOTTOM LEVEL AND KIJUN SEN HOLD for the time being several consecutive downside breakout attempts over the last couple of weeks and the $ 24.00 area should really be seen as a VERY IMPORTANT SUPPORT LEVEL .

ON THE UPSIDE and in order to neutralise the ongoing downside pressure in this weekly time frame, we needs to see a weekly closing above the top of the clouds @ $ 26.00


FALLING WEDGE IN PROGRESS with in the middle of this pattern the weekly KIJUN-SEN, acting currently as an important support to watch at very carefully.

On the upside, R1 @ $ 25.11 ahead of the cluster of MBB and the ongoing downtrend line resistance currently @ $25.26-$25.35; a daily closing above $ 25.35 would be the first warning signal of a potential activation of the falling wedge previously mentioned, opening the door for $ 28.25.

On the downside, a failure to hold on a daily closing basis above $ 24. 40 would put the focus on lower levels towards the daily clouds support area between $ 24.15 – $ 23.50. FYI , weekly MBB @ $ 23.73

RSI , slightly below 50 @ 48.70.

LAGGING LINE still above TS and KS which, for the time being is bringing some additional support.

4 HOURS (H4)

Below the clouds, attempting to recover in progress.

A successful H4 closing level above the top of the clouds $ 25.11 would support further upside.


Same comment than H4, watch on the upside the top of the clouds currently @ 24.92 and on the downside the cluster support of KS and TS @ 24.70

IRONMAN8848 – Jean-Pierre Burki


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