We’ve been talking about silver a lot in the War Room this weekly as it has been dropping a lot of bearish signals along side a nice, steady and stable downtrend. Recently War Room Traders cause a bearish move from a bearish Rejection Candle & Inside Day combo setup which has pushed price down into new lows for the trend.
Last session, Silver rejected a move into the old swing low support and respected it as new resistance. This is what we call a swing level, and they are highly targeted areas to enter trend trades.
We’ve got a nice bearish rejection candle that has a nice heavy bearish body on it as the market closed lower than the open price for the trading day. The signal aligns with the over all downtrend and formed at a bearish ‘hot spot’.
Watch out for a major weekly support level below, which would be ideal for potential trade targets here. Also note that NFP does come out this session so also keep that in mind. As usual – NFP will probably ‘make or break’ today’s trade setups, but just remember we don’t trade Forex news releases directly.