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Technical analysis of Silver dated 26.02.2015

Silver was in a descending trend from the top price of 18.45 that could record the bottom price of 16.07. Right now this bottom price is fixed by the next ascending candles and is the next nearest supportive level. If this supportive level breaks , the price will have the potential of reaching to the important supportive level of 16.00.

As it is obvious in the picture below, there is a harmonic Gartley pattern between the bottom price of 15.52 and the top price of 18.45 that there is a potential for changing price direction from D point of this pattern.Stoch indicator confirms the ascending trend in this time frame and warns its possibility.Currently the first sign for Sellers is breaking of the D point of harmonic pattern in the price chart.

 

Written by the technical team of PipSafe Company

Silver Chart
silver

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