Silver: 06.03.2017
Timeframe: H4
Mid-term uptrend with correction to the trendline diagonal support. The price bounced off the diagonal support and EMA200, then returned and tested around 23.6% Fibonacci giving us a new opportunity for entry.
Price Action: Dogi bar on the diagonal support and EMA200, indicating the end of the correction
Technical indicators:
DeM: turns up below 0.3 - signal for increase.
EMA50 is above the EMA200 - positive formation. The price bounced off EMA200, which also gives a signal for rise.
CCI50 - in oversold zone and crossed up above the -100 line - buy signal.
The price bounced off the diagonal support, then made a correction that gives us good levels for entrance around 17.82.
SL: 17.53
Alternative scenario: if price breaks below the diagonal support then it may leads to an end of the upward trend and the beginning of a new downward correction.
Jr_Trader_Ivan_Ivanov
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