Silver technical levels and trading recommendations for October 23, 2013
October 23, 2013 4:15 pm
Overview
Based on the H4 chart above, silver is still stabilizing above the the Support 22.50 after its rebound from the Resistance level 22.80 yesterday. If silver continues its bearish move and manages to break the Support level 22.50 after closing below the upward trend line, it will produce a strong indicator for the downward move and open the way towards the Support level 22.00 again. In this case we should wait for the breakout of this level to continue the bearish move. On the other hand, the breakout of this Resistance level will denote a bullish strength providing new buy-signals from this level till reaching the Resistance level of 23.00 then 23.50 respectively.
Resistance and support levels: R3 (23.50) R2 (23.00) R1 (22.80) S1 (22.50) S2 (22.00) S3 (21.50)
The material has been provided by InstaForex Company – www.instaforex.com
Overview
Based on the H4 chart above, silver is still stabilizing above the the Support 22.50 after its rebound from the Resistance level 22.80 yesterday. If silver continues its bearish move and manages to break the Support level 22.50 after closing below the upward trend line, it will produce a strong indicator for the downward move and open the way towards the Support level 22.00 again. In this case we should wait for the breakout of this level to continue the bearish move. On the other hand, the breakout of this Resistance level will denote a bullish strength providing new buy-signals from this level till reaching the Resistance level of 23.00 then 23.50 respectively.
Resistance and support levels: R3 (23.50) R2 (23.00) R1 (22.80) S1 (22.50) S2 (22.00) S3 (21.50)
The material has been provided by InstaForex Company – www.instaforex.com
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