Chart Pattern Analysis Of Silver

https://tradingview.sweetlogin.com/x/ym354mbh/

K1 just break up the nearest highest price and the previous uptrend channel,
Perhaps it is in an accelerating status.
If the following candles consolidate here for days,
It is still a potential good place to buy in.

I think It is similar to XAU/USD and Copper/USD.
They are in a status of long-term Bull Market.

Long-31.1/Stop-30.6/Target-33.4

Note

K3 is testing the uptrend line,
If the following candles successfully test and stand upon the uptrend line,
It still valuable to buy in.

Long-31.18/Stop-30.55/Target-37.2

Note

K2 is a bullish hammer candle,
It tested the support under decreasing volume,
The supply pressure is decreasing.
It is a first good signal of bull market.

If the following candles fall back to test the support under low volume to verify K2,
It will be a good place to buy in.
I think the Silver is still in the bull market.

Trade closed: stop reached

K3 close below the support,
The support is also a neck line of a potential double top pattern.
It is a strong signal of bear market.

If K4 or the following candles couldn't return back upon the neck line,
The Potential double top may reverse the bull market of Silver.

And further more,
If the candle of the week close below the support,
The risk will sharply increase.

I think it is still possible that it is just a week scale consolidation,
And weeks later, the bull market will Come back.

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