Technical analysis of Silver for February 12, 2014.
February 12, 2014 6:40 am
Technical outlook and chart setups:
1. Silver continues to trade within the discussed range of $19.00 and $20.00 respectively. A push above $20.50 is required to accelerate higher towards sub $22.00 and $24.00 levels. It is still recommended to remain long and also look to buy on dips towards range bottom.
2. Immediate support is at $19.00, followed by $18.75, while resistance is at $20.50 (intermediary), followed by $21.00 and $22.00 respectively.
3. The entire structure remains constructive for bulls and one can see a probable inverted head and shoulder formation. $19.00 is the measured right shoulder formed. Prices should break higher towards $22.00 and $24.00 levels.
Trading recommendations:
Hold long positions, stop is at $18.50 and target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Silver continues to trade within the discussed range of $19.00 and $20.00 respectively. A push above $20.50 is required to accelerate higher towards sub $22.00 and $24.00 levels. It is still recommended to remain long and also look to buy on dips towards range bottom.
2. Immediate support is at $19.00, followed by $18.75, while resistance is at $20.50 (intermediary), followed by $21.00 and $22.00 respectively.
3. The entire structure remains constructive for bulls and one can see a probable inverted head and shoulder formation. $19.00 is the measured right shoulder formed. Prices should break higher towards $22.00 and $24.00 levels.
Trading recommendations:
Hold long positions, stop is at $18.50 and target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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