Silver trading within the cone structure. 24.80/85 is temporary resistance
May 9, 2013 11:30 am
Technical outlook and chart setups:
The white metal is bouncing off within the cone structure presented here. At the moment it is testing the upper boundary at 24.10/15 levels and a reaction is expected lower from here. A break below 23.50 would shift focus lower towards 23.00 atleast. It is recommended to remain short from yesterday with stop at 25.00 levels. Interim support levels are 23.00, 22.00 and 21.45 (according to weekly charts); while interim resistance levels are 24.80/25.00, followed by 25.00, 26.00 (past support turned resistance) respectively. Please note that structurally a new low below 22.00 is still possible towards 21.45 at least. Selling rallies are recommended and is preferred trading strategy for now.
Trading recommendations:
Remain short, stop at 25.00, target open.
Good luck !
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The white metal is bouncing off within the cone structure presented here. At the moment it is testing the upper boundary at 24.10/15 levels and a reaction is expected lower from here. A break below 23.50 would shift focus lower towards 23.00 atleast. It is recommended to remain short from yesterday with stop at 25.00 levels. Interim support levels are 23.00, 22.00 and 21.45 (according to weekly charts); while interim resistance levels are 24.80/25.00, followed by 25.00, 26.00 (past support turned resistance) respectively. Please note that structurally a new low below 22.00 is still possible towards 21.45 at least. Selling rallies are recommended and is preferred trading strategy for now.
Trading recommendations:
Remain short, stop at 25.00, target open.
Good luck !
The material has been provided by InstaForex Company – www.instaforex.com
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