SLV consolidating at this level, posible explosive move up
SLV consolidating at this level and waiting for GLD for the next move. SLV did a cool price by consolidating just below 2 trend lines which could be very bullish if break them. However, the issue could be as GLD is way overbought and likely will drop. With a drop-in GLD, it would be hard for SLV not to drop too but in the stock market, everything is possible.
SLV is in that symmetrical triangle for almost 2 years and the breakout of it would be very bullish for price.
Price is close to 20 and 50 days MA which is a sign that the price did cool down and consolidate and could be ready for an explosive move up and break both lines.
RSI is dropping and a possible rising in the price could break those negative divergences and could be bullish and fast.
MACD same as RSI.
Overall: SLV is preparing for an explosive move-up. In the last analyses, it was looking like it will drop but good for the bull's price just consolidate at this level. Do bulls have the power to break it is a question and it could likely depend on the dollar moving up or down. On the other side, a break below the lower trend line and same time 50 days MA would open a place to retest BigRed or 200 days MA.
SLV is in that symmetrical triangle for almost 2 years and the breakout of it would be very bullish for price.
Price is close to 20 and 50 days MA which is a sign that the price did cool down and consolidate and could be ready for an explosive move up and break both lines.
RSI is dropping and a possible rising in the price could break those negative divergences and could be bullish and fast.
MACD same as RSI.
Overall: SLV is preparing for an explosive move-up. In the last analyses, it was looking like it will drop but good for the bull's price just consolidate at this level. Do bulls have the power to break it is a question and it could likely depend on the dollar moving up or down. On the other side, a break below the lower trend line and same time 50 days MA would open a place to retest BigRed or 200 days MA.
Comment:
Big Red aka 200 days MA is the next support.
Consistency is the key of success....