FX.co ★ Patterns SILVER | Silver Rate in the Forex market
The Double Top pattern has been formed on SILVER M15. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 26.02 is broken, the downward movement will continue.
Bearish Symmetrical Triangle
According to the chart of M5, SILVER formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 25.86/25.97 and upper border is 26.08/25.97. The pattern width is measured on the chart at -223 pips. The formation of the Bearish Symmetrical Triangle pattern evidently signals a continuation of the downward trend. In other words, if the scenario comes true and SILVER breaches the lower border, the price could continue its move toward 25.
According to the chart of M5, SILVER formed the Bearish Rectangle. The pattern indicates a trend continuation. The upper border is 26.18, the lower border is 26.02. The signal means that a short position should be opened after fixing a price below the lower border 26.02 of the Bearish Rectangle.
On the chart of SILVER M30 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 26.58; the lower boundary 26.34; the width of the pattern 240 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 26.31 level.
Bullish Symmetrical Triangle
According to the chart of M5, SILVER formed the Bullish Symmetrical Triangle pattern. Description: This is the pattern of a trend continuation. 26.46 and 26.20 are the coordinates of the upper and lower borders respectively. The pattern width is measured on the chart at 258 pips. Outlook: If the upper border 26.46 is broken, the price is likely to continue its move by 26.32 pips.
The Bullish Flag pattern has been formed on SILVER at M30. The lower boundary of the pattern is located at 26.18/25.89, while the higher boundary lies at 26.61/26.32. The projection of the flagpole is 765 points. This formation signals that the upward trend is most likely to continue. Therefore, if the level of 26.61 is broken, the price will move further upwards.
The Bullish pennant signal – Trading instrument SILVER M30, continuation pattern. Forecast: it is possible to set up a buy position above the pattern’s high of 26.61, with the prospect of the next move being a projection of the flagpole height.
The Double Top reversal pattern has been formed on SILVER M5. Characteristics: the upper boundary 25.95; the lower boundary 25.88; the width of the pattern is 80 points. Sell trades are better to be opened below the lower boundary 25.88 with a possible movements towards the 25.86 level.
Inverse Head and Shoulder
According to the chart of M30, SILVER produced the pattern termed the Inverse Head and Shoulder. The Head is fixed at 25.71 while the median line of the Neck is set at 25.91/25.89. The formation of the Inverse Head and Shoulder Pattern clearly indicates a reversal of the downward trend. In means that in case the scenario comes true, the price of SILVER will go towards 25.91.
The Double Bottom pattern has been formed on SILVER M30. Characteristics: the support level 25.79; the resistance level 26.09; the width of the pattern 300 points. If the resistance level is broken, a change in the trend can be predicted with the first target point lying at the distance of 305 points.