Short the Australian Index towards 5374.3
Technical Observation
On June 6th 2017, the Australian Index broke out below the daily support line 5692.7 as I forecasted and has currently retraced back to it now. In this week, unless there's a clear breakout above 5692.7 with a big green candle, I expect decline towards 5374.3. In fact, now is the best time to short this index with a Stop loss slightly above 5808.1 and Take profit at 5374.3. On the daily chart above, sell positions seems more ideal and can be recommended
Technical levels:
Resistance levels
R1: 6000.1
R2: 5806.1
Support Levels
S1: 5374.3
S2: 5129.6
Trade Signal
Short the Australian Index towards 5374.3
Look for long positions above 12416.0 towards 13000.0
Technical Observation
The German Stock Index is yet to hit the daily support line 12416.0. I'm waiting for a clear sign that the breakout above this line is genuine. Thus, unless this support line is clearly breached to the lower side with a big red candle, I expect a rejection from the support line 12416.0 to long DAX30 towards 13000.0. On the weekly chart above, Buy positions seems more ideal unless 12416.0 is clearly breached to the lower side.
Technical levels:
Resistance levels
R1: 12416.0
R2: 10775.0
Support Levels
S1: 8970.9
S2: 5810.0
Trade Signal
Long Towards 13000.0
Silver Still to Rise
Technical Observation
Last week, the price of silver declined after rising only slightly to the upper side. I expect a rise towards 18.61 and even a breakout to the upper side. On the weekly chart above, the downward move which began few days ago is just a pullback towards 17.03. If you're jittery to go long around 17.03, you could wait and buy above 18.61 or short upon a rejection from the same line. My advice, long silver around 17.03 with a target at 18.61.
Technical levels:
Resistance levels
R1: 24.84
R2: 22.01
Support Levels
S1: 15.79
S2:14.40
Trade Signal
Long Silver around 17.03 towards 18.61.
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