Silver price managed to break the bearish pennant pattern that appears in the above chart providing good negative motive, which supports the continuation of the main bearish trend. The price is now making attempts to confirm breaking the previously recorded bottom at 13.96, affected by the continuous negative pressure that comes from the EMA 50. Therefore, we believe that there are chances that our main targets which begins at 13.50 and extends to 13.00 will point that holding below the level of 14.25 represents the first protection factor for our expectations of a bearish trend continuation.
We expect a trading range between support at 13.50 and resistance at 14.25 today.
The material has been provided by InstaForex Company – www.instaforex.com
Overview
Silver price managed to break the bearish pennant pattern that appears in the above chart providing good negative motive, which supports the continuation of the main bearish trend. The price is now making attempts to confirm breaking the previously recorded bottom at 13.96, affected by the continuous negative pressure that comes from the EMA 50. Therefore, we believe that there are chances that our main targets which begins at 13.50 and extends to 13.00 will point that holding below the level of 14.25 represents the first protection factor for our expectations of a bearish trend continuation.
We expect a trading range between support at 13.50 and resistance at 14.25 today.
The material has been provided by InstaForex Company – www.instaforex.com
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