empty
 
 
29.03.2013 03:15 PM
Silver likely form double bottom around 28.00

This image is no longer relevant

Technical outlook and chart setups:

Looking into the 4H structure here, prices have surprisingly fell aback 28.00 level. This could be best seen as a possible double bottom formation at 28.00 level, which is also defined as the 0.785 Fibonacci support for the entire upswing from sub 26.00 level to 35.00 level in 2012. Please also note that the area of 27.70/80 is also falling in line here as a support extension of the counter trend that had begun from 35.00 level earlier. Support is at 28.00, followed by 27.50 and lower; while immediate resistance is now at 29.20/30 levels. A break higher 29.20/30 would be required now to confirm a double bottom in place. Holding long positions is still favorable, at least till next trading session on Monday.

Trading recommendations:

Hold long positions, stop is at 27.00, and target is open.

Good Luck!

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $10000 más!
    ¡En Enero, sorteamos $10000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback