Technical outlook and chart setups:
1. Silver has produced an engulfing bearish candlestick pattern indicating that the next probable move is lower from here on. Minimum expectations are towards the $19.00 levels, which is also the resistance turned support line.
2. Support is seen at $19.00/50 levels, followed by $18.60 and lower while resistance is seen at $21.70, followed by $22.30 and higher up respectively.
3. The structure indicates that Silver is bearish for short term, towards $19.00/50 levels and then bullish.
Trading recommendations:
Turn bearish for now, risk above $21.50, target is open.
Good luck!
| ||
Performed by Harsh Japee, Analytical expert InstaForex Group © 2007-2014 |
Technical analysis of Silver for June 20, 2014
No comments:
Post a Comment