Technical outlook and chart setups:
1. The metal has drifted lower towards $19.40, as expected. It is still expected to test sub $19.00 levels before rallying further. It is recommended to initiate 50% long positions now and remaining around $19.00. Risk remains at $18.50.
2. Immediate resistance is at $20.50 (recent swing highs), followed by $21.00 and $22.00, while supports are spread through $19.00 and $18.75 respectively.
3. The structure reveals that $18.75 could be a meaningful base for the next rally towards $22.00 and $25.00. Trading strategy could be buying on dips from here on.
Trading recommendations:
50% long now and remaining around $19.00, stop at $18.50, target open.
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 Technical analysis of Silver for January 30, 2014. . Thanks for your support on Technical analysis of Silver for January 30, 2014.
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