Silver: Ichimoku Analysis
ICN.com | Apr 09, 2015 06:35AM ET
Silver has declined aggressively following the sustained breakout below the 18.60-Pivotal classical support turned into resistance- as seen on the provided weekly chart.
This breakout has forced the metal to move in a bearish mode during the previous period despite continuous attempts to correct.
Ichimoku Analysis:
Silver is presently attempting to move beneath Tenkan-Sen and Kijun-Sen along with a bearish crossover and this is the first technical sign that supports our bearish outlook. Meanwhile, Senkou Span turned into resistance offering a good protection for bears.
Trading Strategy:
Selling silver using market order type with targets at 14.45 and stop loss at 17.50 could be appropriate.
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