Technical outlook and chart setups:
1. Silver produced a doji yesterday, that is indicative of a potential down move from here. Please note that any fall from here would be corrective and opportunity to go long. Aggressive trading setup would be to initiate short positions at the $21.75 levels, risk remains just above $22.00.
2. Immediate resistance is at $22.05/10, followed by $23.00, while supports are spread through $20.50 (past resistance turned support), followed by $20.00 and $19.00 respectively.
3. The structure indicates that Silver has turned higher from sub $18.00 levels and is expected to print higher highs and higher lows from here on. Any pullbacks from here on could be used as opportunities to go long.
Trading recommendations:
Initiate short positions around $21.70/75, stop is at $22.25, target is at $20.50. Then turn long.
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 19, 2014. . Thanks for your support on Technical analysis of Silver for February 19, 2014.
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