Silver remains constructive with double bottom formation seen at 28.00
April 1, 2013 12:45 pm
Technical outlook and chart setups:
As seen on the 4H chart depicted here, Silver seems to have formed a double bottom at 28.00 level as it was discussed last Friday. A morning star appearing at support level is a sign of bullish reversal ahead, and one should position on the long side from here on. Immediate resistance is at 29.20/30 and this should be broken, to confirm further. Support is just below 28.00 level and it has held till now. Moving ahead, till the time prices stay ahead of 28.00, bulls should remain in control and resistances lined up from 29.50, to 30.30, 31.20, and higher up should be broken in the coming trading sessions. Bottom line: Silver is preparing for an April rally, till it remains above and holds 28.00 levels from here on.
Trading recommendations:
Remain long, stop is at 27.00, and target is open.
Good Luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
As seen on the 4H chart depicted here, Silver seems to have formed a double bottom at 28.00 level as it was discussed last Friday. A morning star appearing at support level is a sign of bullish reversal ahead, and one should position on the long side from here on. Immediate resistance is at 29.20/30 and this should be broken, to confirm further. Support is just below 28.00 level and it has held till now. Moving ahead, till the time prices stay ahead of 28.00, bulls should remain in control and resistances lined up from 29.50, to 30.30, 31.20, and higher up should be broken in the coming trading sessions. Bottom line: Silver is preparing for an April rally, till it remains above and holds 28.00 levels from here on.
Trading recommendations:
Remain long, stop is at 27.00, and target is open.
Good Luck!
The material has been provided by InstaForex Company – www.instaforex.com
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