Potential Breakout Looms After Inside Day Silver Price Forecast

Welcome to the Extreme Investor Network blog! Today, we will be discussing an inside day breakout setting up in the stock market and looking at potential upside and downside price levels to watch out for.

An aggressive bull signal will be triggered on a decisive rally above today’s high of 31.37, signaling an inside day breakout. This breakout reflects a breakout from a consolidation pattern on the daily time frame, which could lead to strong upside follow-through if successfully triggered. Traders should be wary of the breakout failing if there is not a significant follow-through.

On the downside, near-term support levels to watch include today’s low of 30.44 and Friday’s low of 30.13. If these support levels fail, natural gas could fall to test support around the bullish breakout area at 29.70, supported by the 20-Day MA at 29.69 and the 50-Day MA at 29.58.

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Looking ahead, the next target above the trend high is set at 33.17. A decisive rally above today’s high could signal an upside continuation towards the interim swing of 31.55. Once above 31.55, silver could approach the 32.52 trend high from early-May and potentially break above it. A 127.2% Fibonacci extended retracement target for silver is 33.17, indicating a potential bullish outlook.

Trading in July has been within June’s range so far, but last month’s high of 31.55 is likely to be challenged as resistance before the month is over, with an upside monthly breakout on the horizon. This emphasizes the importance of monitoring silver’s behavior relative to the 31.55 price level.

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