Silver breaks below 23.00. Book partial profits on short positions.
May 15, 2013 1:30 pm
Technical outlook and chart setups:
The metal has finally broke down below 23.00 level today. It is recommended to book partial profits on short positions taken and hold on to the remaining. Looking into the wave structure as depicted here, if the metal produces a bullish reversal bounce from here, and rally past 24.00 level again, it would indicate formation of a bottom at 23.00 level. On the other side, a break further below 22.50 level could trigger further sell off towards 21.50/70 levels. The latter option seems to be of higher probability at the moment. Bottom line: Remain short for now, further breakdown is possible.
Trading recommendations:
Book partial profits on short positions taken.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal has finally broke down below 23.00 level today. It is recommended to book partial profits on short positions taken and hold on to the remaining. Looking into the wave structure as depicted here, if the metal produces a bullish reversal bounce from here, and rally past 24.00 level again, it would indicate formation of a bottom at 23.00 level. On the other side, a break further below 22.50 level could trigger further sell off towards 21.50/70 levels. The latter option seems to be of higher probability at the moment. Bottom line: Remain short for now, further breakdown is possible.
Trading recommendations:
Book partial profits on short positions taken.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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