Bull Flag trading Long Silver HUGE MOVEAll details are on the chart.
This is the weekly chart for Silver. From left to right, you can see that Silver consolidated for 2.5 years before it started the big move Upwards in 2019.
Price dip in March 2020 with COVID as everything else then it recovered to make a HUGE MOVE to ATH (ALL TIME HIGH) of ~79000.
Since then, Price has been consolidating in a Channel for ~2 years now and it has a beautiful Bull Flag Pattern that has formed.
You can see in the round green circles i drew in the top of the channel that price has already tested that area 4 times. From my experience, the more a Resistance or Support is tested, the weaker it gets.
All eyes are on a Recession for 2023 and in all Recessions, metals goes up big time.
Unless some external forces save us from Inflation and Recession, history will repeat.
If we look into the charts, the pattern also tells the same thing. Bull Flags are 67% accurate when they break to the upside so as for possible Targets, you can see that Target 1 is half way the distance of the Flag pole which also coincides with the width of the Parallel Channel. That is a great Target 1. Target 2 will be the move of the Bull Flag which is a measured moved and it goes the same distance of the Flag Pole.
Happy trading.
As always, comments, likes are welcome. thx.
