Daily analysis of Silver for September 29, 2015 Market Analysis Review

Overview

According to the attached H4 chart, the silver price traded with clear negativity yesterday to settle at the previously breached bearish channel's resistance level. It turns into important support base at 14.55, accompanied by stochastic move within the oversold levels, which supports the chances for bouncing higher to resume the bullish correctional trend. The price needs to wait for targeting 15.85, then 16.30 levels mainly. You should take into account that the continuation of the suggested positive scenario conditioned by breaching the 14.85 level besides holding above the 14.55 level, where breaking this level will stop the positive scenario and push the price to resume the bearish trend.

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