Silver takes out immediate resistance at the 22.00 levels.
October 4, 2013 6:30 am
Technical outlook and chart setups:
The metal has raised past 22.00 levels for now and is expected to push higher through 22.20/30 region as well soon. It would be recommended to buy on dips after that; keeping stop at the 20.00 levels. The following convergences are found at 20.50 region:
1. The fibonacci 0.786 support region of the rally between 19.00 and 25.00.
2. Rising trendline support.
3. Past Resistance Turned Support Region.
4. Bullish Bounce.
Till the time 20.50 remains intact, bulls would attempt to take out lined up resistance levels at 23.40, 24.00 and 25.00 levels on the higher side.
Trading recommendations:
Flat for now; buy on dips after 22.20/30 breaks.
Good Luck !
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal has raised past 22.00 levels for now and is expected to push higher through 22.20/30 region as well soon. It would be recommended to buy on dips after that; keeping stop at the 20.00 levels. The following convergences are found at 20.50 region:
1. The fibonacci 0.786 support region of the rally between 19.00 and 25.00.
2. Rising trendline support.
3. Past Resistance Turned Support Region.
4. Bullish Bounce.
Till the time 20.50 remains intact, bulls would attempt to take out lined up resistance levels at 23.40, 24.00 and 25.00 levels on the higher side.
Trading recommendations:
Flat for now; buy on dips after 22.20/30 breaks.
Good Luck !
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: