Technical analysis of silver for December 22, 2014 Technical outlook and chart setups: Silver seems to have carved out a potential right shoulder of an inverted head and shoulder formation at around $15.50/60 levels as seen here. The metal may test lows around the $14.90 level on the downside, before reversing. To put it simple, bulls should remain well in control untill prices remain above $14.50 levels. Hence, it is recommended to hold long positions for now, risk remains at $14.50. Immediate support is seen at $15.50 (interim), followed by $14.90, $14.50 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 and higher respectively. Trading recommendations: Remain long, stop at $14.50, target is open. Good luck! The material has been provided by InstaForex Company - instaforex
Posted on: Mon, 22 Dec 2014 14:19:51 +0000