$ 22 break in sight, bear’s next move could be a big deal
- Silver is capped by the 38.2% Fibo retracement level and the eyes are on the downside.
- Weekly dojis are pretty much the only bullish outlook on the charts.
Silver is on the verge of a significant move down or up according to the following analysis of the weekly and daily charts.
Weekly Money Chart
The weekly dojis of the past week and this current week are a bullish outlook for the coming weeks, which could lead to a token rise. However, the 20 EMA crossing the 50 EMA is compelling and very bearish as the price hovers above thin ice looking into the abyss. A break here would open a risk for the 200 week EMA near $ 20.82.
Daily Silver Charts
We saw an unsuccessful attempt to move up the daily chart and this resulted in the W formation failing in Monday’s candle. It’s bearish.
The daily chart is also bearish, with Fibonacci at 38.2% providing resistance to the correction and the wick’s current daily candle opening outlook being filled on lower timer frames for the sessions to come. The bears may target the -272% Fibonacci retracement of the near $ 21.48 correction range initially before the weekly 200 EMA on a breakout of the $ 21 figure.