AvaTrade - Analytics

    AvaTrade

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    Downward trend losing steam

    Silver has broken its downward trend line on a 4 hour minute time frame. The volatility for the price action is modestly higher as it is trading near the upper band of the Bollinger band and far enough from its 20 day moving average. However, the Bollinger band is a good tool to determine the direction of the trend and the piercing of the Bollinger band only has a significant importance when this takes at an important level of support or resistance and in our case, there is no such piercing.The current direction of the Bollinger band is suggesting that the trend is towards the downside, however, as the price has broken its downward trend line, this is suggesting that the downward trend has lost its steam and may dafe further as long as its stays above its downward trend line.

    Screen Shot 2015-02-16 at 11.14.51

    Important zones.

    15,87-15.51 Support

    18.55-18.22 Resistance


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