In accord to our yesterday’s expectations of that silver will take an upward movement due to touching the meeting point between the upward trend line and the Support level 28.40, silver has already taken an upward trend to reaching the Resistance level 29.00 and stabilizes below it. If silver is able to break the Resistance level and continues its up move this indicates a strong indicator for a bullish move enabling the Resistance level 29.60, then we should wait after breaking this Resistance level. A break out of this level means bullish strength providing new buy-signals. On the other hand, if silver reverses its upward move and starts to take a downward movement, we should wait till breaking the upward trend line and closing 4H below to start its bearish movement, proceeding today's H4 chart. The technical indicators provide bullish signals but as long as the Resistance level 29.00 is unbroken. The downward trend is still expected also invalidating the bullish outlook, therefore we should wait for more confirmations before taking the decision.
Resistance and Support levels:
R3(29.90)
R2(29.60)
R1(29.00)
S1(28.40)
S2(27.95)
S3(27.45)
Trading Recommendations
According to previous analysis we recommend buying after breaking thourgh the Resistance level of 29.00 with TP1 29.50 and TP2 30.00; SL closing 4 hours below the upward trend line.
