empty
 
 
19.03.2013 04:35 PM
Silver continues probe 29.00. Bullish above 28.00

This image is no longer relevant

Technical outlook and chart setups:

As seen on the Daily chart view, the structure remains constructive for bulls till prices remain above 28.00. This region is re-enforced by past resistance turned support and the 0.786 Fibonacci retracement level of the entire rally from sub 26.00 level to sub 35.00 level. Prices need to push above 29.20/30 levels comfortably to confirm beginning of the next major uptrend. On the other hand, a test of 28.00 level also leaves a possibility before resumption of the larger trend. Support levels are 28.50 (intermediary), 28.00, 27.50, 27.00, and lower. It is still recommended to hold long positions and build further on dips. Looking higher soon.

Trading recommendations:

Remain long, stop is at 27.00, and target is open.

Good Luck!

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback