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    Technical analysis of Silver for November 18, 2015


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    Technical outlook and chart setups:

    Silver dropped below the level of $14.10 overnight, but is managed to recover trading above $14.25 at the moment. The metal is forming a potential morning star candlestick pattern on the H4 chart that still indicates a potential counter trend rally can take place soon. The metal should break through the resistance line and get through $14.50 to confirm the bullish setup. We prefer to stay long on trades taken earlier with risk at $14.00, but refrain from buying fresh positions until the trend line breaks. Immediate support is found at $14.10 (interim), while resistance is seen at $14.50.

    Trading recommendations:

    Remain long with stop at $14.00. A target is at $15.00.

    Good luck!


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