Silver rejected from the upper channel median line
The Monthly Silver chart shows that the instrument is being rejected by Andrew’s Pitchfork long-term downtrend upper channel median line 28.69. This rejection could lead to a pullback lower to 22.50 or a range trade between support 25 and 28.69. A confirmed break above 28.69 is required for the upside continuation to 40 which is the upside downtrend channel resistance.
On a Weekly chart, we can see a new uptrend Pitchfork channel formed that is confirming an upside limitation of 28.69 level which is a known resistance before the uptrend channel line 32. A break below the 25.70 could lead to a pullback for another channel main Median line 24 test. Look for short trade entries with the stop loss above 25.80 in the case of a breakout below this level. In the case of a bounce here you can go long targeting 28.60.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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