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Silver Bounces Off The 0.382 Fibonacci Support

2012-10-22 13:44:50 (читать в оригинале)

 

Technical Outlook and Chart Setups:

 

The following conclusions could be derived since the metal broke out of consolidations beyond 28.00 levels last month.
1. The overall trend remains intact. Bullish.
2. The metal is retracing at the moment, possibly in wave 4.
3. Prices bounced back from the 0.382 Fibonacci support level of the recent upswing.
4. In spite of being stopped out at 32.50 level last week, buy on dips.
5. 30.20 is immediate support and 33.10/30 are resistance at the moment.

 

Trading Recommendations:

Buy now around 32.20. Stop at 31.00. Target open (fresh highs).

 

Good Luck!

The material has been provided by Instaforex Company - instaforex.com