Silver retracement is due. 21.00/20 remain best buy
October 29, 2013 6:30 am
Technical outlook and chart setups:
The metal is poised to retrace further to the 21.00/20 levels. It is recommended to refrain from buying at the current levels and allow retracement to materialize. The 21.00 area is confluence of the falling downtrend line, which is acting as support, the fibonacci 0.618 retracement level and a potential right shoulder formation of a possible head-and-shoulder reversal. The metal may be unfolding a long term bullish structure if recent swing lows at 20.50 are held. At the moment, short term looking lower towards 21.00/25 and then higher up.
Trading recommendations:
Look to buy from lower levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal is poised to retrace further to the 21.00/20 levels. It is recommended to refrain from buying at the current levels and allow retracement to materialize. The 21.00 area is confluence of the falling downtrend line, which is acting as support, the fibonacci 0.618 retracement level and a potential right shoulder formation of a possible head-and-shoulder reversal. The metal may be unfolding a long term bullish structure if recent swing lows at 20.50 are held. At the moment, short term looking lower towards 21.00/25 and then higher up.
Trading recommendations:
Look to buy from lower levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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