Silver technical levels and trading recommendations for May 14, 2013
May 15, 2013 6:00 am
Overview:
Like it was expected yesterday, the metal will continue its downward move in case of breaking the upward trend line. Today and as shown the metal already broke the it and currently is trading below. Presently the pair is approaching the support level 23.00. If the metal manages to break this level and closes 4H below, more bearish move is expected with more sell signals till reaching the support level 22.50, therefore we can consider our first traget few pips above this support level. But as long as silver trades above ths support level 23.00, this cancels the bearish move scenario.
Resistance and support levels: R3 (25.00) R2 (24.40) R1 (23.90) S1 (23.00) S2 (22.50) S3 (22.00)
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Like it was expected yesterday, the metal will continue its downward move in case of breaking the upward trend line. Today and as shown the metal already broke the it and currently is trading below. Presently the pair is approaching the support level 23.00. If the metal manages to break this level and closes 4H below, more bearish move is expected with more sell signals till reaching the support level 22.50, therefore we can consider our first traget few pips above this support level. But as long as silver trades above ths support level 23.00, this cancels the bearish move scenario.
Resistance and support levels: R3 (25.00) R2 (24.40) R1 (23.90) S1 (23.00) S2 (22.50) S3 (22.00)
The material has been provided by InstaForex Company – www.instaforex.com
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