Silver technical levels and trading recommendations for November 08, 2013
November 8, 2013 6:15 am
Overview
The H4 chart demonstrates today that silver still cannot break the support level of 21.50 and it is currently trading above it and below the resistance level of 22.00, so we should wait for the mid-day closing. If the metal manages to close 4H below it, there will be a good opportunity to sell till reaching the support level of 21.20 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 levels of 21.50 and 21.20 and closes 4H below them, we will get bearish strength which will provide new sell signals and enable the support level of 20.50 as a target level.
Resistance and support levels: R3 (23.00), R2 (22.40), R1 (22.00), S1 (21.50), S2 (21.20), S3(20.50).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
The H4 chart demonstrates today that silver still cannot break the support level of 21.50 and it is currently trading above it and below the resistance level of 22.00, so we should wait for the mid-day closing. If the metal manages to close 4H below it, there will be a good opportunity to sell till reaching the support level of 21.20 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 levels of 21.50 and 21.20 and closes 4H below them, we will get bearish strength which will provide new sell signals and enable the support level of 20.50 as a target level.
Resistance and support levels: R3 (23.00), R2 (22.40), R1 (22.00), S1 (21.50), S2 (21.20), S3(20.50).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: