Silver Eyes Bullish Flag
Satendra Singh | Aug 09, 2017 12:11PM ET
Silver futures seem ready to take the next step to enter into a Bullish Flag Pattern. After moving into a Bullish Channel since July 10 and touching the lowest point, a quick reversal on the same day, confirmed the solidarity of the move in the daily chart and confirms the occurrence of an up move ahead. I sensed this pattern in advance and noted it in my analysis, but readers hardly wanted to believe this due to growing volatility in precious metals. No doubt, the Silver futures price dipped all of a sudden on July 10, 2017 after my appearance of my analysis but the reversal in a daily was evident enough to form a Bullish Hammer which confirmed my phenomenon of the beginning of an uptrend ahead.
On analysis of the movement of Silver futures price since the beginning of its uptrend, inside a “Bullish Channel” till August 1st, 2017, I find this bullish voyage still has a long way to go ahead. I find many supporting factors in the current scenario to make the continuity of this Bullish Voyage more prudent amid growing geopolitical concerns and investors’ hope to seek the safest heaven before their fellow beings.
Second solid factor seems to be the hopes of Bears which have been crushed and the Bears are forced to cover their shorts. Once the bullish move brings the price above the levels of $17.281, second phase of shorts covering will definitely be helping the Bulls to take the command in their hands, and finally the Silver futures price will able to make sustainable moves inside a “Bullish Flag Zone” to attain new heights.
Have a Nice Trading Time.
Disclosure: This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation. Past performance is not an indication of future results. All trading carries risk. Only risk capital you are prepared to lose.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.