FX.co ★ Actual patterns. Technical analysis and trading recommendations

According to M5, SILVER is shaping the technical pattern – the Inverse Head and Shoulder. In case the Neckline 79.83/79.82 is broken out, the instrument is likely to move toward 79.83.

The technical pattern called Head and Shoulders has appeared on the chart of SILVER M5. There are weighty reasons to suggest that the price will surpass the Neckline 80.27/80.28 after the right shoulder has been formed. So, the trend is set to change with the price heading for 80.27.

The Double Bottom pattern has been formed on SILVER M5. Characteristics: the support level 79.00; the resistance level 79.58; the width of the pattern 585 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 550 points.

According to the chart of M5, SILVER formed the Bullish Rectangle. The pattern indicates a trend continuation. The upper border is 79.67, the lower border is 79.28. The signal means that a long position should be opened above the upper border 79.67 of the Bullish Rectangle.

The Triple Top pattern has formed on the chart of the SILVER M15. Features of the pattern: borders have an ascending angle; the lower line of the pattern has the coordinates 78.90/79.29 with the upper limit 79.53/79.67; the projection of the width is 625 points. The formation of the Triple Top figure most likely indicates a change in the trend from upward to downward. This means that in the event of a breakdown of the support level of 78.90, the price is most likely to continue the downward movement.

On the chart of SILVER M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 79.24; the lower boundary 78.58; the width of the pattern 665 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 78.56 level.

The SILVER M5 formed the Head and Shoulders pattern with the following features: The Head’s top is at 78.07, the Neckline and the upward angle are at 77.53/77.61. The formation of this pattern can bring about changes in the current trend from bullish to bearish. In case the pattern triggers the expected changes, the price of SILVER will go towards 77.59.

According to the chart of M5, SILVER formed the Bullish Symmetrical Triangle pattern. The lower border of the pattern touches the coordinates 73.92/74.18 whereas the upper border goes across 74.44/74.18. If the Bullish Symmetrical Triangle pattern is in progress, this evidently signals a further upward trend. In other words, in case the scenario comes true, the price of SILVER will breach the upper border to head for 74.20.

The Double Top pattern has been formed on SILVER M5. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 75.79 is broken, the downward movement will continue.

The Bullish pennant signal – Trading instrument SILVER M5, continuation pattern. Forecast: it is possible to set up a buy position above the pattern’s high of 76.42, with the prospect of the next move being a projection of the flagpole height.