Technical analysis of Silver for February 26, 2014.
February 26, 2014 5:40 am
Technical outlook and chart setups:
1. Silver is stalling ahead of $23.00 levels for now. It is quite possible that it pushes through $23.00 levels before producing a meaningful pullback. It is recommended to remain flat for now and await for reaction ahead of $23.00 levels.
2. Immediate resistance is at $23.00, followed by $25.00, while supports are spread through $21.25, followed by $20.50 (former resistance), $20.00 and lower respectively.
3. The structure reveals that Silver might have already turned bullish for long term. Recommended trade strategy should remain buying on dips from here on. $20.50/00 are levels of interest.
Trading recommendations:
Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. Silver is stalling ahead of $23.00 levels for now. It is quite possible that it pushes through $23.00 levels before producing a meaningful pullback. It is recommended to remain flat for now and await for reaction ahead of $23.00 levels.
2. Immediate resistance is at $23.00, followed by $25.00, while supports are spread through $21.25, followed by $20.50 (former resistance), $20.00 and lower respectively.
3. The structure reveals that Silver might have already turned bullish for long term. Recommended trade strategy should remain buying on dips from here on. $20.50/00 are levels of interest.
Trading recommendations:
Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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