Technical analysis of Silver for December 11, 2015
December 11, 2015 2:00 pm
Technical outlook and chart setups:
Silver dropped lower as we had expected, and is trading around the level of $13.95 now. Also please note that the metal is testing the back side of the resistance trend line, which is support now. Furthermore, the Fibonacci 0.786 support of a rally between $13.80 and $14.60 is also converging at the same levels. A bullish reversal could be expected from here and bulls should regain control providing support for holding the level of $13.80. Hence, it is still recommended to hold long positions taken earlier with risk around $13.55. Immediate support is seen at $13.80, while resistance is seen at $14.60 and higher.
Trading recommendations:
Remain long now with stop at $13.55, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver dropped lower as we had expected, and is trading around the level of $13.95 now. Also please note that the metal is testing the back side of the resistance trend line, which is support now. Furthermore, the Fibonacci 0.786 support of a rally between $13.80 and $14.60 is also converging at the same levels. A bullish reversal could be expected from here and bulls should regain control providing support for holding the level of $13.80. Hence, it is still recommended to hold long positions taken earlier with risk around $13.55. Immediate support is seen at $13.80, while resistance is seen at $14.60 and higher.
Trading recommendations:
Remain long now with stop at $13.55, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: