Technical outlook and chart setups:
Silver has rallied through the $16.90 levels as expected, before pulling back. The metal is facing a trend line resistance at $16.80/90 levels as seen here, and a push higher is required to instill further confidence in the bullish setup. It is still recommended to remain long with risk at $15.50 levels. Immediate support is seen at $16.00/10 levels, followed by $15.50 and lower while resistance is seen at $17.40/70 levels, followed by $18.40/50 and higher respectively. Bulls should be poised to remain in control till prices stay above $16.00 for now.
Trading recommendations:
Remain long, stop at $15.50, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Silver for February 27, 2015 . Thanks for your support.
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