Ascending Triangle Setup on Silver, Target at 25.40
Trend Analysis
The main view of this trade idea is on the 15-Min Chart.
Silver (XAGUSD) appears to be in an ascending triangle setup with the support trendline being created from the higher lows of 23.85 and 24.25. The resistance line of the setup is seen around 24.65. Completion of this target is projected to be at 25.40. A breakdown of the setup will be known if Silver falls below 24.20.
Technical Indicators
The technical indicators are displaying bullish signs for the commodity. The metal is currently trading above its long term moving average (200-SMA). Also, the Awesome Oscillator (AO) is green and trading above 0. The RSI indicates bullish price movement as well, with its level above 50.
Recommendation
The recommendation will be to go long at market, with a stop loss at 24.20 and a target of 25.40. This produces a risk/reward ratio of 1.64.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time of publishing I have exposure to XAGUSD.
The main view of this trade idea is on the 15-Min Chart.
Silver (XAGUSD) appears to be in an ascending triangle setup with the support trendline being created from the higher lows of 23.85 and 24.25. The resistance line of the setup is seen around 24.65. Completion of this target is projected to be at 25.40. A breakdown of the setup will be known if Silver falls below 24.20.
Technical Indicators
The technical indicators are displaying bullish signs for the commodity. The metal is currently trading above its long term moving average (200-SMA). Also, the Awesome Oscillator (AO) is green and trading above 0. The RSI indicates bullish price movement as well, with its level above 50.
Recommendation
The recommendation will be to go long at market, with a stop loss at 24.20 and a target of 25.40. This produces a risk/reward ratio of 1.64.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time of publishing I have exposure to XAGUSD.
Trade closed: target reached:
Target Met.