Silver technical levels and trading recommendations for April 29, 2013
April 29, 2013 4:15 pm
Overview
The H4 chart demonstrates today that silver is still trading between the Support level 23.90 and the Resistance level 25.00 after it has failed to break the Support level last week and closed 4H above. Given that silver manages to close 4H below it, it provides a good opportunity to sell till reaching the Support level 23.00 after closing 4H below it. After that we should wait for breaking out this Support level to continue the bearish move. In case silver is able to break the Support level of 22.50 and closes 4H below, we will get a bearish strength which will provide new sell signals and enable the Support level of 22.00 as a target level. On the other hand, if silver reverses its bearish move and takes an upward direction after its failure to break the Support level 23.90, it will be a strong indicator for the bullish move after closing 4H above the Support level enabling the Resistance level of 25.00. In this case, we should wait for breaking this Resistance level to continue the bullish view. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level of 23.90 is unbroken, the upward move is still expected invalidating the downward movement. Therefore, we should wait for more confirmations before making a decision.
Resistance and Support levels R3 (26.10) R2 (25.50) R1 (25.00) S1 (23.90) S2 (23.00) S3 (22.50)
The material has been provided by InstaForex Company – www.instaforex.com
Overview
The H4 chart demonstrates today that silver is still trading between the Support level 23.90 and the Resistance level 25.00 after it has failed to break the Support level last week and closed 4H above. Given that silver manages to close 4H below it, it provides a good opportunity to sell till reaching the Support level 23.00 after closing 4H below it. After that we should wait for breaking out this Support level to continue the bearish move. In case silver is able to break the Support level of 22.50 and closes 4H below, we will get a bearish strength which will provide new sell signals and enable the Support level of 22.00 as a target level. On the other hand, if silver reverses its bearish move and takes an upward direction after its failure to break the Support level 23.90, it will be a strong indicator for the bullish move after closing 4H above the Support level enabling the Resistance level of 25.00. In this case, we should wait for breaking this Resistance level to continue the bullish view. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level of 23.90 is unbroken, the upward move is still expected invalidating the downward movement. Therefore, we should wait for more confirmations before making a decision.
Resistance and Support levels R3 (26.10) R2 (25.50) R1 (25.00) S1 (23.90) S2 (23.00) S3 (22.50)
The material has been provided by InstaForex Company – www.instaforex.com
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