Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities

Archives

Head-and-Shoulders Pattern on Silver Daily Chart

June 6, 2010 at 19:01 by Vladimir Vyun

head-and-shoulder pattern has formed on the daily chart of silver. The $18.86 and $18.69 levels, indicated by the blue lines, form the shoulders. The red line shows the level of resistance (the neckline), which is at $17.43. This pattern suggests that the downward trend will strengthen and silver will extend its decline. We should wait for a significant move down below the neckline to confirm the pattern. In case the pattern will be confirmed, the price expected to fall to the target level of $15.05.



If you have any questions or comments regarding this chart pattern for the silver, please, feel free to reply below.

3 Responses to “Head-and-Shoulders Pattern on Silver Daily Chart”

  1. att0m
  2. Jack

    Haha, yeah, silver sure ‘declined’ – to $43/oz as of today!!!

    Analysing charts alone is stupid, and you can only really reasonably predict a day or two in advance. Did you not consider that the US monetary supply expanded from $800bn to $3tn in just 2 years when doing your analysis? This is only the beginning for silver.

    [Reply]

    enivid Reply:

    It surely didn’t break the neckline, so the pattern wasn’t ever confirmed. What’s the problem?

    [Reply]

Leave a Reply

required
required  

Navigation

Menu