MN CHART
Silver is bullish long term
Price has not reached equilibrium (30.748) yet
MN could be either in accumulation to go higher or in distribution to go lower.
May 2021 MN candle close will provide some clues.
Seasonality suggests that we are to go higher.
If May 2021 MN closes above 28.00 we are likely to go higher in the coming months.
WEEKLY CHART
Looking at the weekly range, Price has bounced off a discount Zone and is reaching for higher targets.
35.00 is a confluence area on the mN chart as well as the weekly range.
Currently, the price is within an ascending channel, last week's close left a large wick above. We could see a retracement to 26.500 before continuation to the upside.
DAILY OUTLOOK
MN & WEEKLY structure is bullish long term however we are likely to get some retracement down to 27.00 and if the price drops deeper, we could reach 26.50-26.70
Price has hit a premium level for sell on the daily range leading to short-term retracement over the past 4 days. However, we are still within the ascending channel and this could just be a test of the lower levels of the channel.
In summary, we are bullish on Silver, expecting short-term retracement, we could go lower to 26.500 if the current price does not hold.
Long term targets 30.00 33.00 & 35.00
We have a position running on Silver and will look to add if we drop lower.
Silver is bullish long term
Price has not reached equilibrium (30.748) yet
MN could be either in accumulation to go higher or in distribution to go lower.
May 2021 MN candle close will provide some clues.
Seasonality suggests that we are to go higher.
If May 2021 MN closes above 28.00 we are likely to go higher in the coming months.
WEEKLY CHART
Looking at the weekly range, Price has bounced off a discount Zone and is reaching for higher targets.
35.00 is a confluence area on the mN chart as well as the weekly range.
Currently, the price is within an ascending channel, last week's close left a large wick above. We could see a retracement to 26.500 before continuation to the upside.
DAILY OUTLOOK
MN & WEEKLY structure is bullish long term however we are likely to get some retracement down to 27.00 and if the price drops deeper, we could reach 26.50-26.70
Price has hit a premium level for sell on the daily range leading to short-term retracement over the past 4 days. However, we are still within the ascending channel and this could just be a test of the lower levels of the channel.
In summary, we are bullish on Silver, expecting short-term retracement, we could go lower to 26.500 if the current price does not hold.
Long term targets 30.00 33.00 & 35.00
We have a position running on Silver and will look to add if we drop lower.
