Overview
Based on the H4 chart, silver is still stabilizing below the Resistance level of 19.20 after its rebound from the Support level of 19.00 yesterday. If silver reverses its bullish move due to this Resistance level and manages to break the Support level of 19.00 this would give a strong indicator to continue the downward move and open the way towards the Support level of 18.75, then we should wait for the breakout of this level to continue the bearish move. On the other hand, if the pair does not break the Support level of 19.00 and reverses its downward move, it may be a good opportunity for a bullish signals enabling the Resistance level of 19.00 again. The breakout of this Resistance level will denote a bullish strength providing new buy-signals from this level till reaching the Resistance area of 19.50-19.75 .
Resistance and support levels: R3 (19.75), R2 (19.50), R1 (19.20), S1 (19.00), S2 (18.75), S3(18.50)
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Daily analysis of Silver for January 31, 2014 . Thanks for your support on Daily analysis of Silver for January 31, 2014
No comments:
Post a Comment