Technical analysis of Silver for January 27, 2014.
January 27, 2014 8:15 am
Technical outlook and chart setups:
1. The metal is retracing towards $19.00/50.00 levels before resuming its next bull run. Recommendations are to remain flat for now and look to go long again at sub $19.00 levels.
2. Immediate resistance is above the $21.00 level, while supports are at $19.40/50, followed by $19.00/10, $18.75 and lower respectively.
3. The structure reveals that a meaningful bottom could be in place at sub $18.00/50 levels in December 2013. A dip towards $19.00/50 levels should complete the corrective phase and resume the next bull run towards $21.00/22.00 and higher.
Trading recommendations:
Remain flat for now, look to buy towards $19.00/50.00, stop is at $18.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. The metal is retracing towards $19.00/50.00 levels before resuming its next bull run. Recommendations are to remain flat for now and look to go long again at sub $19.00 levels.
2. Immediate resistance is above the $21.00 level, while supports are at $19.40/50, followed by $19.00/10, $18.75 and lower respectively.
3. The structure reveals that a meaningful bottom could be in place at sub $18.00/50 levels in December 2013. A dip towards $19.00/50 levels should complete the corrective phase and resume the next bull run towards $21.00/22.00 and higher.
Trading recommendations:
Remain flat for now, look to buy towards $19.00/50.00, stop is at $18.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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