- It was a perfect confluence of resistance with Multiple time frames. 4 Hour had the resistance line and One hour had 200 SMA as resistance at the same time. Perfect entry for a short trade.
- Now bulls must hold above the support zone shown in last chart to avoid bigger correction.
- SILVER CHART ANALYSIS
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- Daily is at some resistance levels at 20 SMA and 38.2% Fib level. But Weekly has managed to close above 20 Week SMA. Its going to be a struggle here. Since bigger time frame has managed to close above 20 Week SMA this bounce is likely to extend further.
- But one has to consider the Month time frame in mind to judge this oversold bounce. March month candles shows a bearish engulfing pattern. So far there is no follow up price action for this pattern. This pattern will be effective only once price moves below 8269 levels.
- SILVER CHART ANALYSIS
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