Silver Technical Trend
Based on the analysis of silver on April 3, it is seen that the price was fixed above the moving average line, so in the near future may continue upward movement. Senior channel pointing up, indicating that the upward direction of the global trend. Low channel turned down which means less downward movement in the long term. Now the price is above the moving average and higher than Murray "3/8", which makes it more likely continuation of the upward movement. First target is the level of the upward movement of Murray "4/8"- 20,313. If this level of price overcomes Murray, the new Target will be the level of Murray "5/8"- 20,703. The moving average is pointing to the side, and the price in turn is above it, which indicates the current upward direction of movement. Sell orders become relevant again only after fixing prices below the moving average. Heiken Ashi bars painted last in purple color, which indicates the local upward motion, so to turn down the indicator can maintain long positions. The CCI indicator is about the level of 100, which indicates the presence of a weak instrument overbought.
For today the support levels are looking at 19922, 19531 and 19141 while nearest resistance levels are possible at 20313, 20703 and 21094
Trading recommendations
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| Trading Recommendation |
After analyzing the silver, we can conclude that now advised to consider to increase trade with the first target 20,313. If the price consolidates above this level, the new target will be 20,703. Stop loss level recommended to set below the moving average, and its increase as Stop Loss carry up too. Stop loss is also recommended to translate to zero if the profitability of the transaction will be 400-500 points. Reduce manual warrants to purchase recommended at 1-2 okrase Heiken Ashi indicator bars in blue. Take Profit orders can be placed slightly below the nearest Murray levels. Trading on lowering now no longer relevant.
