Silver technical levels and trading recommendations for May 02, 2013
May 2, 2013 7:30 am
Overview
As shown in the H4 chart for today, the metal’s support level 23.90 has been broken yesterday and according to that the metal took a slightly downward and currently is stabilizing above the support level 23.00 which needs to be broken to continue its downward trend, the breakout of this support level gives a good opportunity to continue the bearish signals and gives a good opportunity to sell again below the support level 23.00 with 22.50 level target.
The second scenario would be the metal’s failure to break this support level and it’s rebound from it which might give an opportunity for bullish signals above the resistance level 23.90, so we should wait for the metal’s closing before making our decision.
Resistance and support levels R3 (25.50) R2 (25.00) R1 (23.90) S1 (23.00) S2 (22.50) S3 (22.00)
The material has been provided by InstaForex Company – www.instaforex.com
Overview
As shown in the H4 chart for today, the metal’s support level 23.90 has been broken yesterday and according to that the metal took a slightly downward and currently is stabilizing above the support level 23.00 which needs to be broken to continue its downward trend, the breakout of this support level gives a good opportunity to continue the bearish signals and gives a good opportunity to sell again below the support level 23.00 with 22.50 level target.
The second scenario would be the metal’s failure to break this support level and it’s rebound from it which might give an opportunity for bullish signals above the resistance level 23.90, so we should wait for the metal’s closing before making our decision.
Resistance and support levels R3 (25.50) R2 (25.00) R1 (23.90) S1 (23.00) S2 (22.50) S3 (22.00)
The material has been provided by InstaForex Company – www.instaforex.com
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