empty
 
 
13.05.2014 11:18 AM
Technical analysis of Silver for May 13, 2014

This image is no longer relevant

Technical outlook and chart setups:

1. Silver has produced an engulfing bullish candlestick chart pattern right at the trend line support around sub $19.00 levels as seen here. At the moment, the metal is consolidating gains and is expected to rally further to take out $20.00/40 levels from here on. This event would confirm that bulls are here to stay. Recommendations for now is to book some profits and remain long, risk is below $18.40/50.

2. Support is seen at $18.90, followed by $18.75, $18.40.50 and lower, while resistance is seen at $19.90/20.00, followed by $21.70, $22.30 and higher respectively.

3. The structure indicates that Silver needs to break ahead of $20.00 and $20.40/50 levels to confirm further bullish setup. A drop below $18.90 would be extremely bearish for the metal though.

Trading recommendations:

Take some profits and remain long, stop below $18.40/50, 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 $3000 more!
    In September we raffle $3000 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