Technical outlook and chart setups:
A daily chart view has been presented for discussing of an unfolding larger wave structure. A multi month upswing has been under formation as a larger ABCD where A=26.00 (June 2012 low), B= 35.30 (Oct 2012 high), Potential C=28.00 (Feb 2013 low) and a D extension at 41.00, 47.00 and 48.00. Intermediary support stands fixed at 28.00, followed by 27.00/50 and 26.00; while resistance levels are lined up from 29.50, followed by 32.50, 34.50 and 35.30 respectively. Till the time prices remain above 28.00 (0.786 Fibonacci retracement level of AB), bulls are in control. Hence it is strongly recommended to remain ling and add further longs if possible during intraday dips. Looking higher from here on.
Trading recommendations:
Remain long, stop is at 27.00, and target is open (29.50, 30.30 and 31.20 are good levels to book partial profits).
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Silver breaking above 29.00 again. Hold long positions. Targets 30.30 and 31.20 . Thanks for your support on Silver breaking above 29.00 again. Hold long positions. Targets 30.30 and 31.20
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