FxWirePro: Silver Faces Strong Resistance at $16.35, Good to Buy at Dips

FxWirePro: Silver Faces Strong Resistance at $16.35, Good to Buy at Dips

18 April 2016, 09:40
Roberto Jacobs
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FxWirePro: Silver Faces Strong Resistance at $16.35, Good to Buy at Dips

  • Pattern Formed- Cup and Handle 
  • Major Resistance- $16.35 
  • Silver has made a high of $16.35 and slightly declined from that level. It is currently trading around $16.19. 
  • Short term trend is bullish as long as support $15.50 (Daily Kijun-Sen) holds. 
  • Any break below Kijun-Sen will drag the commodity down till $15.13/$14.85.Overall bullish invalidation only below $14.80. 
  • On the higher side continuation of bull trend happens only if it breaks above $16.35.Any break above $16.35 will take the commodity till $17.25/$17.75.

It is good to buy at dips around $15.85-90 with SL around $14.80 for the TP of $16.35/$17.25/$17.80

The material has been provided by InstaForex Company - www.instaforex.com



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