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SIlver: Opportunity for long position after correction at Fibo 50%

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SILVER:

Date: October 19, 2016

D1 Chart: Long trend

The price made a correction:

  1. Fibo 50% form the whole previous movement
  2. Also a horizontal support is at hand at 17,10. The price holds above the support and goes up. Good levels for long position with a close stop
  3. The prcie stopped falling and hold neart 200MA

Price Action: Two equal candles and a doji bar at strong support levels - possible signla for long

silverdailysf

Alternative scenario: If the price breaks trough downwards below the horizontal support and 200MA, this may break the current scenario

Technical indicator:

DEM (14) - In oversold area and turning for a long position

Entry price for long: around 17.550

SL: 17.000

Jr. Trader - S. Fuchedzhiev


 Varchev Traders
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