Technical Analysis of Silver for April 20, 2016
Technical outlook and chart setups:
Silver reverses from intraday highs at $17.20 levels today. The metal is seen to be trading at $16.92 levels after printing lows at $16.82 levels. Please also note that the metal is producing an engulfing bearish candlestick pattern on the 4H chart view, indicating a potential reversal ahead. The metal has not yet broken any of the support trend lines but bears would want to remain in control till prices stay below $17.20. It is now recommended to remain short with risk at $17.50 levels. Immediate interim resistance is seen at $17.20 levels, while support is at $16.00/10 levels respectively. The metal is is expected to produce a meaningful correction lower now .
Trading recommendations:
Remain short now, stop at $17.50, target is open.
Good luck!
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