Silver technical levels and trading recommendations for November 15, 2013
November 15, 2013 4:15 pm
Overview
From the today’s H4 chart, yesterday the metal failed to break the Support level 20.50 to bounce again from it and trade between this Support level and the Resistance level 21.00. Currently the metal is approaching the Resistance level 21.00 again, therefore we should wait for closing above to continue its upward trend move. Given that the metal has managed to close 4H above today, this gives us a good opportunity for more bullish signals above it with the first target few pips below the Resistance level 21.50, then the second target 22.00 after breaking this Support level. But as long as silver is trading below 21.00 so waiting would be prefered in that case and cancels the bullish move scenario.
Resistance and support levels: R3 (22.00), R2 (21.50), R1 (21.00), S1 (20.50), S2 (20.00), S3 (19.60).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
From the today’s H4 chart, yesterday the metal failed to break the Support level 20.50 to bounce again from it and trade between this Support level and the Resistance level 21.00. Currently the metal is approaching the Resistance level 21.00 again, therefore we should wait for closing above to continue its upward trend move. Given that the metal has managed to close 4H above today, this gives us a good opportunity for more bullish signals above it with the first target few pips below the Resistance level 21.50, then the second target 22.00 after breaking this Support level. But as long as silver is trading below 21.00 so waiting would be prefered in that case and cancels the bullish move scenario.
Resistance and support levels: R3 (22.00), R2 (21.50), R1 (21.00), S1 (20.50), S2 (20.00), S3 (19.60).
The material has been provided by InstaForex Company – www.instaforex.com
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