Distressed Silver Sharp; Pay attention to resistance

Distressed Silver Sharp; Pay attention to resistance

Preferences: BEARISH

Reference Area: 16.75 – 16.93 (look for BEARISH signal confirmation)

Support: 16.44, 16.14, 15.95

Resistance: 16.75, 16.93, 17.24

Comments:

The silver movement on the hourly chart looks in BEARISH condition and is currently consolidating at support area. Beware of stochastic indicator condition is in potentially bearish condition. As a silver trading strategy, note if silver price move up and hold at resistance at 16.75 – 16.93 then look for confirmed SELL signal which there potentially will move down towards support at 16.44. Conversely, if resistance at 16.93 penetrated that there is potential silver price will move up towards 17.24.

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