Technical Analysis of Silver for March 29, 2016
Technical outlook and chart setups:
Silver is drifting sideways for now, trading at $15.18 levels. The metal rallied through $15.30/35 levels yesterday before pulling back lower again. A minimum criteria seems to be complete for a wave 4 correction at $15.30/35 levels, and the pair might be looking to hit fresh lows going forward. On the flip side, a rally through $15.40/45 levels is also possible before reversing lower. In either case, sell on rallies till prices reach $14.50 levels at least. It is recommended to book profits on short positions taken earlier and wait for a countertrend rally to go short again. Immediate support is seen at $15.00 levels, while resistance is at $15.45 levels respectively.
Please book profits on short positions taken earlier and remain flat for now.
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