Technical analysis of Silver for February 11, 2014.
February 11, 2014 8:05 am
Technical outlook and chart setups:
1. Silver is well within the trading range defined yesterday between $19.00 and $20.00 effectively. Please note that the channel resistance line has been broken for now and a push above $20.50 from here on would accelerate rally further. It is recommended to hold on to long positions from earlier on and also look to add further on dips.
2. Immediate intermediary support is at $19.00, followed by $18.75, while immediate resistance is at $20.50 (intermediary swing), followed by $21.00 and higher respectively.
3. The structure reveals that prices might have turned higher from $19.00 level towards a possible trend reversal. As discussed yesterday, it is possible for Silver to trade between $19.00-$20.00, for a while before breaking out.
Trading recommendations:
Remain long, stop is at $18.50, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Silver is well within the trading range defined yesterday between $19.00 and $20.00 effectively. Please note that the channel resistance line has been broken for now and a push above $20.50 from here on would accelerate rally further. It is recommended to hold on to long positions from earlier on and also look to add further on dips.
2. Immediate intermediary support is at $19.00, followed by $18.75, while immediate resistance is at $20.50 (intermediary swing), followed by $21.00 and higher respectively.
3. The structure reveals that prices might have turned higher from $19.00 level towards a possible trend reversal. As discussed yesterday, it is possible for Silver to trade between $19.00-$20.00, for a while before breaking out.
Trading recommendations:
Remain long, stop is at $18.50, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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