Similar to Gold, the white metal has also exceeded expectations and gone up to 25.00 now, taking out the major resistance as depicted in Daily chart. It is recommended to book profits on long positions taken earlier (aggressive trade setup suggested), and remain flat for now. Most probably, a pullback should materialize soon towards 21.00 from here. Please, note that the area around 21.00 is re-enforced by the past resistance turned support. Also, the wave structure suggests that the metal may reverse to the long term now. A pullback towards 21.00 and a bullish bounce would confirm it.
Trading recommendations:
Book profits on long positions if you have any. Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Similar to Gold, the white metal has also exceeded expectations and gone up to 25.00 now, taking out the major resistance as depicted in Daily chart. It is recommended to book profits on long positions taken earlier (aggressive trade setup suggested), and remain flat for now. Most probably, a pullback should materialize soon towards 21.00 from here. Please, note that the area around 21.00 is re-enforced by the past resistance turned support. Also, the wave structure suggests that the metal may reverse to the long term now. A pullback towards 21.00 and a bullish bounce would confirm it.
Trading recommendations:
Book profits on long positions if you have any. Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: