Today silver stabilizes above the Support level 28.40 after its rebound from the upward trend line. Proceeding from today's H4 chart, presently silver is touching the meeting point between the Support level and the upward trend line. Therefore the upward movement is strong, as now there may be a good opportunity to buy from the current level and enabling the Resistance level 29.00. If silver manages to break through this Resistance level, this will provide new buy-signals. On the other hand, if silver reverses its move and breaks this meeting point and the Support level 28.40, this will be a strong indication for a bearish move enabling the Support level 27.95, if Silver breaks this Resistance level this will denote the strength of bears providing new sell-signals. Proceeding from today's H4 chart, the technical indicators provide bullish trend , but as long as the Resistance level 29.00 is unbroken the downward trend is still expected also invalidating the bullish outlook.
Resistance and Support levels:
R3(29.90)
R2(29.60)
R1(29.00)
S1(28.40)
S2(28.95)
S3(27.45)
Technical indicators
According to previous analysis, we recommend buying with TP1 28.90 and TP2 29.50; SL closing 4 hours below the Support level 28.40.
