Silver pulls back 13%

Silver pulls back 13%

The Silver short-squeeze right? Well it´s hard to short squeeze a market so big with much less short interest than those stocks (GME, AMC, etc…) but there is a good opportunity here never the less.

Silver started rallying last Thursday and continued to rally throughout Monday to the 30.1365 level (8 year high) breaking through the highs printed back in August 2020. That´s a 22% move.

After it hits those highs prices in Silver crashed 12.80% to retest the previous broken level.

Right now we are retesting and rejecting a massive confluence of levels.

The no-trade-zone (26.10-26.77) confluences with the weekly pivot, the 61.8% retracement of the bullish move and the 1.618 retracement of the last bullish leg. Both bearish targets and levels where bulls are jumping in.

A break above the no-trade-zone would trigger momentum to the upside.

Levels to watch if this scenario plays out are the 28.40 and the 29.80

 

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Author : Orlando Gutierrez

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