SILVER Silver Price Action Analysis: Potential Reversal and Key Levels Chart Analysis Description The chart displays the price action of Silver (CFDs on Silver / OZ) on a 4-hour timeframe. The chart includes several technical indicators and levels:
Price Levels:
Resistance Levels: 32.9560, 32.3239, 32.3239
Support Levels: 30.8758, 29.6600, 29.6210, 29.5970, 29.1886, 28.7300
Volume Profile:
The volume profile on the right side shows high trading activity around the 29.5970 level, indicating a significant area of interest.
Indicators:
Relative Strength Index (RSI): The RSI is currently at 59.10, indicating potential bullish momentum.
MACD: The MACD histogram shows a mix of green and red bars, suggesting a period of consolidation with potential bullish divergence.
Smart Money Concepts (SMC):
Change of Character (ChoCH) and Break of Structure (BOS) are marked, indicating potential reversal points.
Elliott Wave Analysis:
The chart shows potential wave patterns, suggesting a corrective phase might be ending, and a new impulsive wave could start.
Buy and Sell Strategies Buy Strategy Entry: 29.5970 (current price level with high volume) Take Profit 1 (TP1): 30.8758 (next resistance level) Take Profit 2 (TP2): 32.3239 (higher resistance level) Stop Loss (SL): 28.7300 (below the recent support level)
Sell Strategy Entry: 29.1886 (if price breaks below this support level) Take Profit 1 (TP1): 28.7300 (next support level) Take Profit 2 (TP2): 27.0000 (lower support level) Stop Loss (SL): 29.6600 (above the recent resistance level)
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