Technical analysis of silver dated 10.01.2013
Silver chart has been stopped during its descending trend from the top price of 35.35 and reaching to the important supportive level which is determined in the picture below, and the sellers are capable of reaching to the lower prices. Price during its descend could record the bottom price of 29.19 which is one of the most important supportive levels in front of the price. Formation of the long lower shadow on determined supportive levels shows the attention of traders to this area and doubts of sellers to continue their ways.As it is obvious in the picture below, according to the formed signs in daily time frame, the AB=CD harmonic pattern with the ideal ratios of 78.6 and 127.2 is formed and by completing of the D point, there is a warning for ascending of the price. Stoch warns the possibility of ascending of the price according to the next cycle during the next days. Generally according to the formed signs until the bottom price of 29.19 is preserved, there is the possibility of increase and ascending of price in this chart.
FxGlory
2013.01.10
Silver chart has been stopped during its descending trend from the top price of 35.35 and reaching to the important supportive level which is determined in the picture below, and the sellers are capable of reaching to the lower prices. Price during its descend could record the bottom price of 29.19 which is one of the most important supportive levels in front of the price. Formation of the long lower shadow on determined supportive levels shows the attention of traders to this area and doubts of sellers to continue their ways.As it is obvious in the picture below, according to the formed signs in daily time frame, the AB=CD harmonic pattern with the ideal ratios of 78.6 and 127.2 is formed and by completing of the D point, there is a warning for ascending of the price. Stoch warns the possibility of ascending of the price according to the next cycle during the next days. Generally according to the formed signs until the bottom price of 29.19 is preserved, there is the possibility of increase and ascending of price in this chart.
FxGlory
2013.01.10