During the last 7 days, the price of silver has lost 20%. Momentarily the price has consolidated right under $24 per ounce. This triangle pattern that has formed might be just a pause before another steep drop, but may also become a reversal pattern.
This setup is based on e new rejection from the lower line of the symmetrical triangle back to the resistance line that sits at 23.75. It is an intraday trade signaled by a Hammer near the line and the oversold position of the Stochastic.
Confirmation Level: 23.16
Target Level: 23.74
Stop Loss Level: 22.89