Technical analysis

Silver Wave Analysis – 08 November , 2018

  • Silver reversed from resistance zone
  • Further losses are likely

Silver recently reversed down from the resistance area lying between the key resistance level 14.80 (which has been reversing the price from the start of October), upper daily Bollinger Band and the resistance trendline of the daily up channel from September.

The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Shooting Star Doji.

Silver is expected to fall further and re-test the next support level 14.30 (low of the previous waves 2,  (b), (1) and B).

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