Silver technical levels and trading recommendations for October 14, 2013
October 14, 2013 4:45 pm
Overview
As it is seen from today’s H4 chart, the metal is stabilizing above the Support level of 21.20 after its failure to break the Support level of 20.90 last week. Currently, we should wait for retesting of the Support level again and closing below it to get the bearish move opportunity. In that case we will get a good opportunity to sell below the Support level till testing the next Support level of 20.50. Therefore, we can consider our first target a few pips above this Support level, but as long as the price is still above the Support level of 21.20, this cancels the bearish move scenario.
Resistance and support levels: R3 (23.40), R2 (22.70), R1 (22.30), S1 (22.00), S2 (21.50), S3(21.20).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
As it is seen from today’s H4 chart, the metal is stabilizing above the Support level of 21.20 after its failure to break the Support level of 20.90 last week. Currently, we should wait for retesting of the Support level again and closing below it to get the bearish move opportunity. In that case we will get a good opportunity to sell below the Support level till testing the next Support level of 20.50. Therefore, we can consider our first target a few pips above this Support level, but as long as the price is still above the Support level of 21.20, this cancels the bearish move scenario.
Resistance and support levels: R3 (23.40), R2 (22.70), R1 (22.30), S1 (22.00), S2 (21.50), S3(21.20).
The material has been provided by InstaForex Company – www.instaforex.com
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