SILVER Next Week Outlook - 23.6% Fibo support level crossing with 14.67 as a next target
15 July 2015, 18:11
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W1 price is located below 200 period SMA and below 100 period SMA for the primary bullish ranging between 23.6% Fibo support level at 15.40 and Fibo resistance level at 17.75:
- 23.6% Fibo support level at 15.40 is going to be crossed by the price from above to below for the bearish market condition to be continuing;
- next targets are Fibo level at 14.67 and November last year's low at 14.35;
- RSI indicator is estimating the downtrend to be continuing.
If the price will break 23.6% Fibo support level at 15.40 on close weekly bar so the bearish market condition will be continuing without ranging possibilities with new targets as 14.67 and 14.35.
If not so the price will be ranging between support level at 15.40 and resistance level at 17.75.
Trend:
