empty
 
 
07.01.2013 09:59 AM
Silver Hits Convergence. Trend Remains Strongly Bullish

This image is no longer relevant

Technical Outlook and Chart Setups:

As depicted here, prices bounced off the lows on Friday producing the hammer pattern on Daily Charts also hinting reversal ahead. Furthermore, the 29.30 level is also the convergance point of:

1. The 0.618 Fibonacci support of the larger upswing between 26.00 and 35.00 levels.

2. The 1.271 extension of downswing from 35.00 to 31.00.

It is highly recommended to hold long positions taken earlier and also buy during intraday dips towards 29.70/80 region. Looking higher from here on.

Trade Recommendations:

Hold on to long positions taken earlier, and add further on dips today, stop is at 29.00, target is open.

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