Technical outlook and chart setups:
1. Silver again fails to break through the $20.50 region as seen here. It is hence recommended to book profits on long positions now. Aggressive trade setups would be to initiate short positions with risk at $20.75.
2. Immediate intermediary resistance is at 20.50, followed by $21.00 and higher up, while supports are spread through $19.00 and $18.75 respectively.
3.The structure indicates that a failure to break $20.50 would instill further confidence on the bearish side and move prices towards $19.50/$19.00 levels at the least.
Trading recommendations:
1. Book profits on long positions taken earlier.
2.Aggressive setup is to initiate short positions, stop is at $20.75, target is 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 February 13, 2014. . Thanks for your support on Technical analysis of Silver for February 13, 2014.
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