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On the H4 chart, we have a strong resistance zone that has formed and the price which was moving higher reached this strong resistance zone respected it, moved lower from this zone. We also had a bearish divergence that has formed between the first high that has formed at 33.094 and the second high that has formed at 33.667 based on the MACD indicator, we may consider this as evidence of bearish pressure. The price then moved lower and broke below the most recent uptrend line, which we may consider as another evidence of bearish pressure. In addition to this, the ADX indicator gave bearish signal at the cross of -DI (red line) versus +DI (green line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bearish pressure. So everything looks good here for the bears and we may now move down to one timeframe lower and look for evidences supporting this short term bearish view.
On the H1 chart, we could see that currently we have a strong bearish momentum here as well. In addition to this, the ADX indicator gave bearish signal here as well at the cross of -DI (red line) versus +DI (green line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bearish pressure. Also while measuring this strong bearish move we have two key resistance zones that has formed. The first key resistance zone is formed based on the 23.6%(32.549) – 38.2%(32.766) Fibonacci retracement levels of the strong bearish move. The second key resistance zone is formed based on the 50%(32.942) – 61.8%(33.118) Fibonacci retracement levels of the strong bearish move. Until both these key resistance zones shown in the image below (marked in red) holds my short term view remains bearish here and I expect the price to move lower further after pullbacks.
Silver H4(4 Hours) Chart Analysis
Silver H1(1 Hour) Chart Analysis
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short-term sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
Also, don’t forget to protect your sell trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Arvinth Akash
Home Trader Club Team.
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