24K99 Independent Precious MetalsTechnical analysisTeacher Mike Roy said that as 2024 comes to an end, looking back at the huge cup handle technology pattern of silver over the past 45 years, it shows that the price of silver is indeed breaking through. It needs to be above the key resistance level of 30.86 US dollars at the end of the year to close, which can lay the foundation for an explosive rise in 2025.

Mike explained that the first one is an annual line chart, which clearly shows the shape of silver cups and handles over the past 45 years. The handle shape is one of the most explosive forms, and when they break through, their measured movement is equal to the movement from the bottom of the cup to the top.

(Source: GoldBroker)

He added, “The silver cup pattern is the largest such pattern I've seen on any chart. A breakthrough means that the movement will reach three digits.”

“Here, we can see that silver is indeed breaking through and needs to close above the historic high of $30.86 set in 2011 at the end of the year to lay the foundation for an explosive rise.”

Next, the market will look at the same cup handle line on the quarterly bar chart. Here, additional details showed traders that the price also broke through a very large and very clear bull market flag.

(Source: GoldBroker)

Right now, there is little resistance between $32 and the all-time high between $48 and $50. It's not surprising to see these levels reach this point over the next 12 months or so.

Finally, Mike also showed investors an oil chart fractal they've probably never seen before.

(Source: GoldBroker)

He said, “Although many oil traders are keenly aware of the pink bullish wedge that began to form in 2007 and the breakout consolidation that began in 2022, I haven't seen anyone point out that the pink pattern is an exact copy of the yellow pattern that began in the 1980s.”

He went on to point out that not only are the wedges and consolidation flags exactly the same, but the price now takes exactly the same amount of time (from first trajectory reversal to breakout) in each pattern.

“According to history, we shouldn't be surprised if oil breaks through consolidation next year and starts to go impulsively higher. If the pink impulse trend is similar to the yellow trend, we will see oil prices above $400 in 10 years.”