After closing last week strong, silver has been rather muted lately, forming a false breakout and then an inside bar. Today however is a little more interesting as the metal formed a large bearish engulfing bar, but more of what I would describe as a 2-way bar. Generally, bearish engulfing bars look a little more menacing and close towards the lows if the selling pressure is strong.
Not this bar. This one closed right in the middle, but this was after making an intraday high above the prior days highs, then selling off from $34-$32.45. So the initial breakout to the upside was a fake breakout and sellers took over while current longs dumped positions. But then, after hitting …... Keep reading