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Silver could be long towards 16.88

Silver could be long towards 16.88 | 07 Julio 2017

Short the Australian Index

Silver could be long towards 16.88

Technical Observation
Recently, the Australian Index broke out below the daily support line 5692.7 but then right back above. This is a false breakout and unless this line is clearly broken for the second time with a big red candle,I remain flat. A breakout below this line will mean waiting for a pullback to the just broken line to pick a sell position with may Taker profit at 5374.2. A break below 5374.2 will push the price further downwards towards the weekly support line 5100.3

Technical levels:

Resistance levels
R1: 6000.1
R2: 5806.1

Support Levels

S1: 5374.3
S2: 5129.6

Trade Signal

Wait for a breakout below 5692.7 to sell this index towards 5374.2
Long towards 16.88
Silver could be long towards 16.88
Technical Observation

Since 20th June, Silver entered into a rising channel and is still rallying within it. Following the rejection from the lower trend line acting as the bottom of the rising channel. I expect a rise towards the upper trend line acting as the top to the rising channel. As long as the price remains within this channel, I'm only interested in  trading reversals. A breakout below the lower trend line will mean waiting for breakout below 16.58 to short  Silver towards 16.36.


Technical levels:

Resistance levels

R1: 22.01

R2: 24.84
 
Support Levels

S1: 16.01

S2: 14.40
 
Trade Signal
Long Silver towards the upper trend line
Flat
Silver could be long towards 16.88
Technical Observation
In the past one week, the German stocks index dropped drastically and even broke below the weekly resistance line 12416.00. I'm waiting for this breakout to be validated. That is, if the price can sustain this breakout, then I may consider short positions.  As it is, the rise above 12416.00 may just be a false breakout and should not be the basis under which I long this index. On the weekly chart above, unless price get back above 12416.0 with a big green candle, short positions seems more ideal and can be recommended towards 10777.4
Technical Levels
Resistance levels
R1: 12416.1
R2: 10775.2
Support Levels
S1: 8970.1
S2: 5810.2
Trade Signal
Flat

 

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Imelda Maseno
Analyst of «FreshForex» company
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