Silver technical levels and trading recommendations for October 29, 2013
October 29, 2013 4:15 pm
Overview
From the today’s H4 chart, yesterday the metal failed to break the Support level 22.50 to bounce again from it and trade between this Support level and below the Resistance level 22.80. Currently the metal must re-testing the Resistance level 22.80 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 23.00, then the second target 23.50 after breaking this Support level. But as long as silver is trading below 22.80 so waiting would be preferred in that case and cancels the bullish 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
From the today’s H4 chart, yesterday the metal failed to break the Support level 22.50 to bounce again from it and trade between this Support level and below the Resistance level 22.80. Currently the metal must re-testing the Resistance level 22.80 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 23.00, then the second target 23.50 after breaking this Support level. But as long as silver is trading below 22.80 so waiting would be preferred in that case and cancels the bullish 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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