SILVER - LTF Bullish Pennant SILVER (US$/OZ)TVC:SILVERVIAQUANTSilver appears to be forming a bullish pennant on the lower timeframes. What makes this particularly interesting is that it lines up in confluence with the higher timeframe chart, providing additional context for a potential move higher. I recommend reviewing the weekly chart for Silver first, which you can find here: Now that the weekly outlook is clear, let's take a look at the lower timeframe, specifically the 8-hour chart I will be analyzing today. First, examine the green and red boxes drawn on the chart. This represents a zone between $61.40 and $63.30. It acted as old resistance for a while, with highs forming throughout July into early August, outlined with the red box. Now that price has been trading above it, Silver has seen liquidity grabs within that zone act as new support instead (green box). Price demonstrated this with the lows on August 18th, September 1st, and throughout mid September, confirming this as a new level of demand from buyers. At the same time, the recent lows since September 1st have also been holding support at the 200 MA on the 8-hour timeframe (blue). The Formation The final and most important thing to note is the bull pennant that appears to be forming. There has been a strong base around the lows near $62.70, with a solid descending resistance channel forming from the high on August 28th all the way through price's breakout above that channel on September 17th. Ever since the breakout, Silver has been retesting the upper line of that channel as new support, with multiple successful retests so far. The measured move for this breakout would put price around $73.40, which lines up closely with many of the upper levels I have been outlining for Silver. This would also place the 3 month close at the end of September right around the key level of $75 upon a successful breakout.