Technical Analysis of Intraday Price Movement of Silver Commodity Asset, Wednesday November 01,2023.
November 1, 2023 8:23 am
If we look at the 4-hour chart of the Silver commodity asset, we can see that the price movement is moving below the Kumo and the Kumo future is in a Bearish condition. Apart from that, there are 2 Bearish patterns that appear in this commodity asset, namely the Bearish 123 Pattern which is followed by the Bearish Ross Hook and the Wave 3E Projection pattern although Kinjun Sen and Tenkan Sen as well as Chikou Span are still inside the Kumo but Tenkan Sen has already death crossed Kinjun Sen and Chikou Span is now under the price movement, all you have to do is wait for it to break below the Kumo, so Silver has the potential to test the 22,410 level if this level is successfully penetrated then There is the potential that Silver will fall freely to level 20,738, but if on its way to the target levels, Silver is suddenly corrected upwards until it penetrates above level 23,145, then the decline scenario previously described will become invalid and will automatically cancel itself.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
If we look at the 4-hour chart of the Silver commodity asset, we can see that the price movement is moving below the Kumo and the Kumo future is in a Bearish condition. Apart from that, there are 2 Bearish patterns that appear in this commodity asset, namely the Bearish 123 Pattern which is followed by the Bearish Ross Hook and the Wave 3E Projection pattern although Kinjun Sen and Tenkan Sen as well as Chikou Span are still inside the Kumo but Tenkan Sen has already death crossed Kinjun Sen and Chikou Span is now under the price movement, all you have to do is wait for it to break below the Kumo, so Silver has the potential to test the 22,410 level if this level is successfully penetrated then There is the potential that Silver will fall freely to level 20,738, but if on its way to the target levels, Silver is suddenly corrected upwards until it penetrates above level 23,145, then the decline scenario previously described will become invalid and will automatically cancel itself.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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