InstaForex - Analytics

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    Daily analysis of SILVER for February 18, 2016 2016-02-18

    SILVERH4.png

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    Overview

    According to the shown H4 chart, the silver price continues fluctuating between the critical levels of 15.15 (support) and 15.70 (resistance), waiting to breach one of them in order to detect next targets clearly. This support represents a potential neckline for a bearish technical pattern that is forming on the chart currently. A break of this level will make the price try to regain the main bearish trend. Negative targets begin at 14.67 and extend to 14.27. On the other hand, breaching 15.70 levels will lead the price to achieve more gains than its next target and reach to the previously recorded top at 16.35. Therefore, we will keep our neutrality until we get a clearer confirmation signal for the next trend.

    The expected trading range for today is between 14.67 support and 15.70 resistance.


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