Silver

12 March 2018, 13:37
Dragan Drenjanin
0
18

Possible pull back on supports

STRATEGY

Above 15.66 USD the SILVER is heading toward 17.1 USD over the short term. Below 15.66 USD the movement would reverse and then correct toward 15.27 USD.

SUMMARY

The MACD is negative but is situated above its signal line: the trend is changing. Now, the MACD must clear zero for the rise to continue in the coming days. The main indicator of the movement's strength (RSI) shows that the technical situation is quite healthy, as it is not overbought. The Stochastics indicators are not giving any clear signals for the coming days. The volumes traded are more than the average volumes over the last 10 days.

MOVEMENTS AND LEVELS

Since the recent low at 16.36 USD the cross has been in a phase of technical recovery towards its 50-day moving average located at 16.85: the price reaction on this level will allow us to envisage a continuation of the movement in the medium term. To alleviate this position, we could wait to test the short-term resistances located at 17.1 USD and 17.36 USD. The supports are at 15.92 USD then at 15.66 USD .

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