Silver: The Possibility of Bounce
Updated
Here is my mid-term analysis for Silver. After big fall of value there is a chance for LONG. I will describe why.
The truth is, that Silver broke the long uptrend trendline downwards. Similarly, on the chart was building up a Descending Triangle, which was also broken downwards. This is not good signs for Silver, but there is a possibility of breath.
The marked zone is really strong area, where the price bounced in the past. I don't expect the same boom as before, but i guess there should be a little retrace. The market is really strong OVERSOLD according to RSI, from daily, 3D and weekly chart. We are are far-away from EMA, so there should be a little pull-back. When i look at the chart from Mid-term, i think there could be a pull-back to our targets, because the market is really oversold. We are in the biggest oversold zone on RSI from July 2013. The values, when i expect we can go, will be our targets.
From long-term, the market can make lower value, because Trendline has been broken, triangle also and that is reason, why we have set out SL. But now, i expect a pull-back.
Here are my instructions:
BUY ZONE : 13.48 - 14.15
TARGETS (TP) : 1) 14.49
2) 14.98
3) 15.40
SL: 12.90
if the market developed well, i would think about bigger targets. Maybe there will be a bigger bounce and it can really happened (i will keep you informed). This is just my point of view, not an investing advice. Trade carefully.
The truth is, that Silver broke the long uptrend trendline downwards. Similarly, on the chart was building up a Descending Triangle, which was also broken downwards. This is not good signs for Silver, but there is a possibility of breath.
The marked zone is really strong area, where the price bounced in the past. I don't expect the same boom as before, but i guess there should be a little retrace. The market is really strong OVERSOLD according to RSI, from daily, 3D and weekly chart. We are are far-away from EMA, so there should be a little pull-back. When i look at the chart from Mid-term, i think there could be a pull-back to our targets, because the market is really oversold. We are in the biggest oversold zone on RSI from July 2013. The values, when i expect we can go, will be our targets.
From long-term, the market can make lower value, because Trendline has been broken, triangle also and that is reason, why we have set out SL. But now, i expect a pull-back.
Here are my instructions:
BUY ZONE : 13.48 - 14.15
TARGETS (TP) : 1) 14.49
2) 14.98
3) 15.40
SL: 12.90
if the market developed well, i would think about bigger targets. Maybe there will be a bigger bounce and it can really happened (i will keep you informed). This is just my point of view, not an investing advice. Trade carefully.
Trade closed: target reached
We have reached our first target.Trade closed: target reached
We have reached our 2nd target and we are few pips below the 3rd target. Congratulate guys!Trade closed: target reached
This was long-term trade, but really good with nice profit. We have reached the 3. Target - 15.4 USD. Congratulate! Have a good day.
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