empty
 
 
18.10.2013 08:28 AM
Silver rallies as expected. 22.50 is immediate resistance. Exit long positions

This image is no longer relevant

Technical outlook and chart setups:

The metal has bounced off from a series of convergence as depicted in the chart. The rising trendline, the fibonacci 0.618 retracement level, the past resistance turned support. It is recommended to exit long positions for now and await for the next clarification in the wave structure. Immediate resistance is at 22.50, followed by 23.50 and 25.00; while initial support begins at 20.50, followed by 19.00 and 18.00 respectively. If the rising trendline breaks down, the metal would be heading towards fresh lows; on the flip side, a break of resistance at 22.50 and at 23.50 would confirm a continued rally. At the moment, keeping the larger trend in view (downward), selling rallies should be preferred.

Trading recommendations:

Exit long positions for now. Initiate small quantities in short positions, stop is at 23.50.

Good luck!

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
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 $6000 more!
    In December we raffle $6000 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
  • 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