Use SIVR wedge break out to hedge against the stock market

Here's a hedge against the market, today SIVR broke symmetrical wedge going back 2 years. If it closes above the wedge that is a confirmation of the break. Especially true if it breaks 16.91 (higher high) and holds that near tomorrows close. If that happens, best time to buy is sometime tomorrow afternoon. If we can't stay above wedge and make higher high, it can be watched.

Since the wedge occured after a bearish weekly trend, the wedge is more likely to break downward. I was (pleasantly) surprised this morning when we wicked above the wedge. I would not take a position until it confirms.

Order avbruten:

Failed to close weekly above wedge and failed to break higher high.

Kommentera:

Today daily closed at 15.62, a lower low and a close below monthly trendline. Very bearish, good place to short.