Buying Opportunity is created in the commodity. It is expected that the demand for silver might increase in the coming days which can lead to a rise in the price of silver. A double Bottom Formation has been seen on Silver. A Double Bottom is a reversal pattern which is expected to breakout on the upside and the failure rate of eve and eve is comparatively better than adam adam or adam & eve. In Our scenario Adam & EVE double bottom formation has been seen. Adam & Eve Failure rafte is comparatively less than ADAM&ADAM. The Success ratio is also good. The entry should be taken only once the breakout is seen.

If Silver is able to close above 24.90 a breakout from a pattern will be seen and apart from this the commodity will be trading above the EMA's; that would be a buying opportunity for the commodity as per EMA study as well.

At mention level we will get Double Confirmation which will be a good opportunity to enter.

The only point of concern would be RSI trading above 85, If the RSI is trading above 85 we won't go long for a short period.

A Dampening in RSI can still be good to enter. The DMI+ is above DM- which suggests positiveness and the ADX is above DMI- which still shows strength to the move.

Advice : Buy if above condition is fulfilled.

SILVER

Oct 22 2021