Technical outlook and chart setups:
Silver is remains flat compared to yesterday, after bouncing off $14.50. The metal has bounced off the Fibonacci and trend-line convergences producing an engulfing bullish candlestick pattern. That indicates a change in trend. It is hence recommended to remain long with risk at $14.00. Immediate support is seen at the levels $14.25, followed by $14.00, $13.00 and lower while resistance is seen at $15.60 followed by $16.40/50 and higher. Bulls are expected to remain in control until prices stay above $14.00.
Trading recommendations:
Remain long with stop set at $14.00, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Silver for September 30, 2015 . Thanks for your support.
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