InstaForex - Analytics

    InstaForex

    695.00 6.50/10
    61% of positive reviews
    Real

    Technical analysis of Silver for February 02, 2015


    Show full picture

    Technical outlook and chart setups:

    Silver has bounced off $16.60/70 fibonacci support and pushed higher through $17.30 levels as seen here. The metal has produced a bullish morning star candlestick pattern indicating a resumption of the uptrend. Also please note that the bounce has been from the past resistance turned support region as depicted around $17.00 levels and a trend line support is also passing from the same region. The metal could dip lower and test the trend line support again before rallying further but trading recommendations are to remain long for now and also add further on intraday dips. Immediate support is the $16.60 (interim), followed by $16.20, $15.50 and lower while resistance is seen at $18.20/40 (interim), followed by $18.90 and higher respectively.

    Trading recommendations:

    Remain long for now, stop at $15.50, the target is open.

    Good luck!


    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree