Silver Eyes Heavy Technical Resistance
Chris Kimble | Apr 23, 2018 10:20AM ET
Since early 2016, silver looked to be forming a narrowing pennant pattern, highlighted by a series of higher lows and lower highs. These patterns tend to frustrate both bulls and bears, as ranges narrow and trends are non-existent.
During the past three weeks, silver has rallied off its support, where it is now touching the underside of falling resistance at (1).
Since July of 2016, the metal has run out of steam when it hit this falling resistance line. Will it be different this time?
The best way to trade narrowing pennant patterns is to sit back and watch, until a breakout or breakdown takes place.
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