Silver possible Breakout / Fakeout on higher Timeframes
SILVER setup with very high potential.
SILVER broke below Long term Support around 22.1
If these levels now hold as resistance, this will confirm a breakout for me with lots of downside potential.
Be careful of potential bear trap / fakeout. This setup will be invalidated in the case of a break above the 50-day EMA, around 22.75.
This is very high timeframe, so could be highly dependant on news / fundamentals.
Prioritize risk management.
This is no financial advice.
Good luck and happy trading! :)
SILVER broke below Long term Support around 22.1
If these levels now hold as resistance, this will confirm a breakout for me with lots of downside potential.
Be careful of potential bear trap / fakeout. This setup will be invalidated in the case of a break above the 50-day EMA, around 22.75.
This is very high timeframe, so could be highly dependant on news / fundamentals.
Prioritize risk management.
This is no financial advice.
Good luck and happy trading! :)