Technical analysis of Silver for April 27, 2015

Technical outlook and chart setups: Silver had dropped to the level of $15.60 on Friday but it recovered to $15.85 as seen here. The metal produced a bullish morning star pattern on the 4-hour chart view indicating a potential rally ahead. It is hence recommended to remain long with risk below $15.30. Bulls might be poised to drag prices higher until the metal remains above $15.30 from here on. A push through the levels of $16.00 would confirm the same. Immediate support is seen at $15.60 followed by $15.30/40 and lower, while resistance is seen at $16.00 followed by $16.40/50, $17.40/50, and higher respectively.

Trading recommendations: Remain long, stop is at $15.30, a target is open.


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