SLV weekly - at major major resistance, drop imminently
SLV weekly is at major major trendline which was formed and act as resistance in 2011. The possibility of breaking above that line at the moment is not big.
Volume in this whole leg is dropping and dropping which is an indication of a fake up move.
RSI is way overbought.
MACD histogram ticking lower while the MACD line starts to turn and it could soon start to move down and cross the signal line which would making more pressure on the price.
Overall: SLV on the weekly chart is still not ready for a major breakout. The major trend line is 3/3 powerful trendline and is not easy to break. For bulls best option would be to retrace to BigRed 200 MA and consolidate at that level for a week or two and then start a strong and powerful move up.
Volume in this whole leg is dropping and dropping which is an indication of a fake up move.
RSI is way overbought.
MACD histogram ticking lower while the MACD line starts to turn and it could soon start to move down and cross the signal line which would making more pressure on the price.
Overall: SLV on the weekly chart is still not ready for a major breakout. The major trend line is 3/3 powerful trendline and is not easy to break. For bulls best option would be to retrace to BigRed 200 MA and consolidate at that level for a week or two and then start a strong and powerful move up.
Consistency is the key of success....