Silver might be producing a potential inverted head and shoulder reversal as seen on a compressed view of the H4 chart here. The metal is trading around $14.50 at the moment, a potential right shoulder, in line with the left shoulder. The current price action also indicates that silver is on its way to break above $14.60/65, which is immediate short-term resistance. Furthermore, the metal is also testing a resistance turned support trend line, and a push above $14.60 should be extremely encouraging to bulls. It is hence recommended to remain long, with risk at $14.00. Immediate support is seen at $14.00, while resistance is seen at $14.60/70.
Trading recommendations:
Stay/go long, stop is at $14.00, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Silver might be producing a potential inverted head and shoulder reversal as seen on a compressed view of the H4 chart here. The metal is trading around $14.50 at the moment, a potential right shoulder, in line with the left shoulder. The current price action also indicates that silver is on its way to break above $14.60/65, which is immediate short-term resistance. Furthermore, the metal is also testing a resistance turned support trend line, and a push above $14.60 should be extremely encouraging to bulls. It is hence recommended to remain long, with risk at $14.00. Immediate support is seen at $14.00, while resistance is seen at $14.60/70.
Trading recommendations:
Stay/go long, stop is at $14.00, a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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