Silver technical levels and trading recommendations for October 25, 2013
October 25, 2013 4:30 pm
Overview
As it was expected yesterday, more bearish signals would be available after breaking the Support level 22.50 yesterday, then the metal continued its downward move after breaking the Support level and the upward trend line, which gave us a good opportunity to sell near of the Support level 22.00. Currently and as shown the metal broke the Support level 22.50 and now is stabilizing below. Therefore we can consider our first target few pips above the Support level 21.50. But as long as silver trades above this support level 22.00, this cancels the bearish move scenario.
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
As it was expected yesterday, more bearish signals would be available after breaking the Support level 22.50 yesterday, then the metal continued its downward move after breaking the Support level and the upward trend line, which gave us a good opportunity to sell near of the Support level 22.00. Currently and as shown the metal broke the Support level 22.50 and now is stabilizing below. Therefore we can consider our first target few pips above the Support level 21.50. But as long as silver trades above this support level 22.00, this cancels the bearish move scenario.
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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