Technical analysis of Silver dated 22.07.2013
As it was mentioned in the previous technical analysis of Silver dated 01.07.2013 , according to the technical signs in the price chart, there was the potential of descending of the price which finally happened. Doubt of buyers and also the strong descending of price since the end of 2012 prevented ascending of price from the bottom price of 18.22. currently price with touching the ascending trend line ( made of 2 bottom prices) and creating the third point on the level of 19.25 has prepared the field for more ascending during the next candles.
as it is obvious in the picture below , the most important resistance level before the price is the conversion level of 20.19( from supportive to resistance) that prevented increasing of price till now and it is the first target price for ascending of price. Stoch indicator in weekly time frame is in saturation sell area and also in divergence mode with the price chart warns about changing price direction. Generally according to the current situation of price, until the bottom price of 18.22 in daily time frame is preserved, price will have the potential for ascending and reformation in descending trend.
FxGlory
2013.07.22
As it was mentioned in the previous technical analysis of Silver dated 01.07.2013 , according to the technical signs in the price chart, there was the potential of descending of the price which finally happened. Doubt of buyers and also the strong descending of price since the end of 2012 prevented ascending of price from the bottom price of 18.22. currently price with touching the ascending trend line ( made of 2 bottom prices) and creating the third point on the level of 19.25 has prepared the field for more ascending during the next candles.
as it is obvious in the picture below , the most important resistance level before the price is the conversion level of 20.19( from supportive to resistance) that prevented increasing of price till now and it is the first target price for ascending of price. Stoch indicator in weekly time frame is in saturation sell area and also in divergence mode with the price chart warns about changing price direction. Generally according to the current situation of price, until the bottom price of 18.22 in daily time frame is preserved, price will have the potential for ascending and reformation in descending trend.
FxGlory
2013.07.22