Silver technical levels and trading recommendations for October 09, 2013
October 9, 2013 8:15 am
Overview
Based on the H4 chart, silver is still stabilizing below the Resistance level of 22.30 after breaking the Resistance level yesterday and closing above. If silver reverses its bullish move due to this Resistance level and manages to break the Support level of 22.00, this will give a strong indicator for the downward move and open the way towards the Support level of 21.50, then we should wait for the breakout of this level to continue the bearish move. On the other hand, if the pair does not break the Support level of 22.00 and reverses its downward move, it may be a good opportunity for bullish signals enabling the Resistance level of 22.30 again. The breakout of this Resistance level will denote a bullish strength providing new buy-signals from this level till reaching the Resistance at 22.70.
Resistance and support levels: R3 (23.40), R2 (22.70), R1 (22.30), S1 (22.00), S2 (21.50), S3(21.20).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
Based on the H4 chart, silver is still stabilizing below the Resistance level of 22.30 after breaking the Resistance level yesterday and closing above. If silver reverses its bullish move due to this Resistance level and manages to break the Support level of 22.00, this will give a strong indicator for the downward move and open the way towards the Support level of 21.50, then we should wait for the breakout of this level to continue the bearish move. On the other hand, if the pair does not break the Support level of 22.00 and reverses its downward move, it may be a good opportunity for bullish signals enabling the Resistance level of 22.30 again. The breakout of this Resistance level will denote a bullish strength providing new buy-signals from this level till reaching the Resistance at 22.70.
Resistance and support levels: R3 (23.40), R2 (22.70), R1 (22.30), S1 (22.00), S2 (21.50), S3(21.20).
The material has been provided by InstaForex Company – www.instaforex.com
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