Based on the H4 chart above, silver stabilized below the resistance level of 19.00 after hitting it then bouncing from it to take a slightly downward move as shown. If silver continues its bearish move and manages to break the support level of 18.60, it will produce a strong indicator for the downward move and open the way towards the support level of 18.30. In this case, we should wait for the breakout of this level to continue the bearish move. On the other hand, the breakout of this resistance level will denote a bullish strength providing new buy-signals from this level till reaching the resistance level of 19.20 then 19.50.
Resistance and support levels: R3 (19.50), R2 (19.20), R1 (19.00), S1 (18.60), S2 (18.30), S3 (18.00).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
Based on the H4 chart above, silver stabilized below the resistance level of 19.00 after hitting it then bouncing from it to take a slightly downward move as shown. If silver continues its bearish move and manages to break the support level of 18.60, it will produce a strong indicator for the downward move and open the way towards the support level of 18.30. In this case, we should wait for the breakout of this level to continue the bearish move. On the other hand, the breakout of this resistance level will denote a bullish strength providing new buy-signals from this level till reaching the resistance level of 19.20 then 19.50.
Resistance and support levels: R3 (19.50), R2 (19.20), R1 (19.00), S1 (18.60), S2 (18.30), S3 (18.00).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: