Silver bounces right at 0.618 Fibonacci retracement.
November 8, 2013 12:30 pm
Technical outlook and chart setups:
The metal fell down to expected levels at 21.00, before bouncing off sharply. It is very much recommended to hold long positions taken now and earlier. The minimum upside extensions are pointing towards 24.75 levels from here on. Intermediary support levels are 20.50, followed by 19.00 and sub 18.00 levels; while resistance is spread through 23.30/40 levels, followed by 24.50 and higher up. The structure is unfolding well, as an inverted head and shoulder reversal; with right shoulder being carved out at sub 21.00 levels.
Trading recommendations:
Remain long, stop at 20.50, target is at open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal fell down to expected levels at 21.00, before bouncing off sharply. It is very much recommended to hold long positions taken now and earlier. The minimum upside extensions are pointing towards 24.75 levels from here on. Intermediary support levels are 20.50, followed by 19.00 and sub 18.00 levels; while resistance is spread through 23.30/40 levels, followed by 24.50 and higher up. The structure is unfolding well, as an inverted head and shoulder reversal; with right shoulder being carved out at sub 21.00 levels.
Trading recommendations:
Remain long, stop at 20.50, target is at open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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