Technical outlook and chart setups:
1. Silver has taken out resistance at $22.06 yesterday. A meaningful pullback is awaited now. The metal remains in control of bulls but trading recommendations are to buy on dips from here on. Levels of interest are $20.00/50.
2. Immediate resistance is around $23.00. The bulls might be wanting to target it well before retracing lower. Support region is the $20.50 (past resistance), followed by $20.00 and $19.00 respectively.
3. The structure indicated that trend for long term might have changed to bullish already. Taking out $23.00 level would will ensure that bulls have firm control.
Trading recommendations:
Flat for now.
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 25, 2014. . Thanks for your support on Technical analysis of Silver for February 25, 2014.
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