Technical outlook and chart setups:
1. Silver is seen to be testing lower end of the consolidation range around $19.00/20 levels. A bullish bounce here would again take prices towards the $20.00 levels, while a break below shall prove to be extremely bearish. Recommendations are to remain flat for now and await for a clear break out from the trading range established for now.
2. Support is seen at $19.00, followed by $18.90/75, $18.40/50 and lower, while resistance is seen at $20.40, followed by $21.70, $22.30 and higher respectively.
3. The structure indicates that Silver continues to trade in a tight range between $19.00 and $20.00 for now. A break on either side is required to determine the next big move.
Trading recommendations:
Remain flat for now OR trade the range buy around $19.00/20 and sell around $20.00.
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 May 20, 2014 . Thanks for your support on Technical analysis of Silver for May 20, 2014
No comments:
Post a Comment