Technical outlook and chart setups:
1. Silver has raised past the intermediary resistance of $20.50 through the first measured extension at $21.70 now. The next probable move should be lower in a corrective manner towards $20.30/50. It is recommended to remain flat for now and await for a dip before initiating long positions.
2. Immediate resistance is at $22.00, followed by $23.00, while supports are spread through $20.40/50 (past resistance turned support), $19.80/20.00 and $19.00 respectively.
3. The structure indicated that Silver has reversed trend forming an inverted head and shoulder, with the $19.00 levels as right shoulder. The next probable move should be lower from here, towards $20.40/50.
Trading recommendations:
Flat for now. Looking to buy lower.
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 18, 2014. . Thanks for your support on Technical analysis of Silver for February 18, 2014.
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