Facts:
- SILVER broke above the 1:1 structure
- The commodity is trading above the key horizontal resistance at 84.62
Recommendation:
Trade: Long position on SILVER at market price
Target: 94.86, 100.75
Stop: 81.55
Opinion:
SILVER has been trading in a downward move recently. However, the price broke above the key resistance area and invalidated the 1:1 structure. According to the Overbalance strategy, the bearish sentiment may now turn into bullish. The area near 84.62 is marked with previous price reactions and upper limit of 1:1 structure. As long as the price sits above, the upward move is possible. In addition the price sits above the 100 – period moving average from H4 interval which supports an upward scenario. We recommend going long SILVER at market price with two targets: 94.86 and 100.75. We also recommend placing a stop loss order at 81.55. Source: xStation5
