Technical Price Action Analysis - SILVER: 100-SMA is below 200-SMA for bearish trend to be continuing by direction

Technical Price Action Analysis - SILVER: 100-SMA is below 200-SMA for bearish trend to be continuing by direction

16 October 2015, 12:11
Sergey Golubev
0
854

W1 price is located below 200 period SMA and below 100 period SMA for the primary bearish market condition. Price is ranging between the following key support/resistance levels:

  • 13.96 key support level located far below 100-SMA/200-SMA in the primary bearish area of the chart, and
  • 17.75 key resistance level located near 100-SMA on the border between the primary bearish and the primary bullish condition.

100-SMA is below 200-SMA estimating the bearish trend to be continuing by the direction.

If the price will break support level at 13.96 so the bearish market condition will be continuing.
If the price will break resistance level at 17.75 from below to above so secondary rally will be started with the good possibility to the bullish reversal of the price movement.
If not so the price will be ranging between within the levels.

Resistance
Support
17.7514.26
23.0613.96

Trend:

W1 - ranging bearish
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