Silver under Ichimoku microscope

Silver under Ichimoku microscope

Over short-term basis, silver has been resisted as well in the classical resistance zones-previously broken support- at 18.60 as seen on the provided weekly studies.

The three waves of declines from the above-mentioned resistance have been stopped by 15.50 last week.

silver-27-04-2015

Ichimoku Analysis:

Silver is presently trading in a bearish mode after stabilizing below Tenkan-Sen and Kijun-Sen, reinforced by the negative crossover.

In the interim, Senkou Span acted as a resistance that could cap corrective upside rallies over upcoming sessions.

Trading Strategy:

Selling the metal is preferred below 15.50 boundaries with targets at 14.45, while stop loss could be placed in the 16.50 zones.

Note: Risk versus reward ratio for this short setup is 1/1.

Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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