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Textbook Double Top on Silver (SLV)

by May 31, 2024
May 31, 2024
Textbook Double Top on Silver (SLV)

Gold is struggling, moving mostly sideways. Silver has technically been moving sideways as well only it has formed a textbook double top chart pattern. Textbook double tops show even tops and a clear confirmation line delineated at the middle of the “M” formation. What is good about these formations is that they give us a minimum downside target.

The downside target is determined by the length of the pattern subtracted from the confirmation line. In the case of Silver that would bring it down to prior gap support. But remember, this is a “minimum” downside target. It could fall further.

The Price Momentum Oscillator (PMO) has topped for a second time in overbought territory. Stochastics are falling. The technicals are failing on Silver so we should be prepared for this decline to catch fire.

Conclusion: We have a bearish double top on Silver (SLV) that predicts a minimum downside target around 25.00. Prepare for more downside on SLV.

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Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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Helpful DecisionPoint Links:

Trend Models

Price Momentum Oscillator (PMO)

On Balance Volume

Swenlin Trading Oscillators (STO-B and STO-V)

ITBM and ITVM

SCTR Ranking

Bear Market Rules

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