Strong Bearish Signal:
The price continued falling yesterday and broke down the previous support level. Besides it, we need to point out the presence of the local downtrend with silver.
Volume Zones:
We should allocated the new level of resistance 18.25, that has been already tested and contains the large volume, which increases its strength.
Sentiment:
This indicator shows that 60% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://c.radikal.ru/c25/1909/53/2a8bf2fb273d.png
Consider Short Positions:
Given all these factors, we should consider exceptionally short positions. We may enter the market after a smooth upward correction, in order to get a more profitable entry point. A stop loss may be placed above the new resistance with a little margin.
Profit Potential:
Our first target is the level of support 17.37.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
The price continued falling yesterday and broke down the previous support level. Besides it, we need to point out the presence of the local downtrend with silver.
Volume Zones:
We should allocated the new level of resistance 18.25, that has been already tested and contains the large volume, which increases its strength.
Sentiment:
This indicator shows that 60% retails traders are in long positions, which is a good additional signal for us (trading against the "crowd").
https://c.radikal.ru/c25/1909/53/2a8bf2fb273d.png
Consider Short Positions:
Given all these factors, we should consider exceptionally short positions. We may enter the market after a smooth upward correction, in order to get a more profitable entry point. A stop loss may be placed above the new resistance with a little margin.
Profit Potential:
Our first target is the level of support 17.37.
To learn more about order flow based volume trading, sentiment analysis and trading against the retail crowd see the educational article below -
