Silver: Possible Inverse H&S
Shiv Kumar | Dec 07, 2016 09:10AM ET
Last time i wrote about the possibility of potential Inverse H&S formation on 5th December when silver was trading around 16.40, so far it did the same thing and now trading at 17.00. But this all is useless until it gives the sustained break above 17.00 followed by 17.60 after break of 17.00 we can expect a short rally up to 17.40-17.80$. Conversely if it fails again to surpass the resistance area then we can see again a test of 16.60-15.80, below 15.80 another drop is possible up to very strong support zone of 15.20.
Right now we are with bulls but with strict stop of 16.12
Here is the 5 hr chart of Silver
Resistance:17.24/17.50/17.80
Support : 16.60/16.40/15.80
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