Silver technical levels and trading recommendations for November 29, 2013
November 29, 2013 2:30 pm
Overview
From the today’s H4 chart, yesterday the metal failed to break the Support level 19.70 to bounce again from it and trade between the Support level 19.70 and the Resistance level 20.20. Currently the metal is re-testing the Resistance level 20.20n, 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 20.50, then the second target 21.00 after breaking this Support level. But as long as silver is trading below 20.20, waiting would be prefered in that case and cancels the bullish move scenario.
Resistance and support levels: R3 (21.00), R2 (20.50), R1 (20.20), S1 (19.70), S2 (19.40), S3(19.00)
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 19.70 to bounce again from it and trade between the Support level 19.70 and the Resistance level 20.20. Currently the metal is re-testing the Resistance level 20.20n, 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 20.50, then the second target 21.00 after breaking this Support level. But as long as silver is trading below 20.20, waiting would be prefered in that case and cancels the bullish move scenario.
Resistance and support levels: R3 (21.00), R2 (20.50), R1 (20.20), S1 (19.70), S2 (19.40), S3(19.00)
The material has been provided by InstaForex Company – www.instaforex.com
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