Technical analysis of silver for December 22, 2014
December 22, 2014 2:20 pm
Technical outlook and chart setups:
Silver seems to have carved out a potential right shoulder of an inverted head and shoulder formation at around $15.50/60 levels as seen here. The metal may test lows around the $14.90 level on the downside, before reversing. To put it simple, bulls should remain well in control untill prices remain above $14.50 levels. Hence, it is recommended to hold long positions for now, risk remains at $14.50. Immediate support is seen at $15.50 (interim), followed by $14.90, $14.50 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 and higher respectively.
Trading recommendations:
Remain long, stop at $14.50, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver seems to have carved out a potential right shoulder of an inverted head and shoulder formation at around $15.50/60 levels as seen here. The metal may test lows around the $14.90 level on the downside, before reversing. To put it simple, bulls should remain well in control untill prices remain above $14.50 levels. Hence, it is recommended to hold long positions for now, risk remains at $14.50. Immediate support is seen at $15.50 (interim), followed by $14.90, $14.50 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 and higher respectively.
Trading recommendations:
Remain long, stop at $14.50, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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