Technical outlook and chart setups:
1. Silver broke the trend line support yesterday and fell to $19.20 levels before bouncing back. The metal still remains in control of bulls till prices stay above $19.00 levels. Recommendations are to remain long/buy fresh, risk remains at $19.00. Please note that the metal has bounced off the fibonacci 0.786 support of the entire rally from sub $18.00 levels to $22.30.
2. Support is at $19.00, followed by $18.75 and lower, while resistance is at $20.40 (intermediary), followed by $21.70, $22.30 and higher respectively.
3. The structure indicates that Silver can still bounce back into the buy zone till $19.00 levels remain intact.
Trading recommendations:
Long positions advisable, stop is at $19.00, 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 April 16, 2014. . Thanks for your support on Technical analysis of Silver for April 16, 2014.
No comments:
Post a Comment