Trade of the week – Silver upside breakout
Silver could not only be our trade of the week it could be a favorite trade for the next couple of weeks. Silver has broken above the weekly 200 SMA 16.500 level after a long-term basing period where it was ranging between 13.80 to 16 and a brief test of 20 level.
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On a daily chart, we can see a break above the recent triangle and a resistance 18 level. Based on this break you can place a long trade entry with a stop loss below the 17.60 level targeting a confluence of the resistance 19 level and even trailing the profit further upside into an extended 19.80. ARMAT trading system is indicating a potential 100 point of profit.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
Happy trading! (click on the chart to enlarge it)
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