26 Nov 2014

COMMODITY UPDATE 26.11.14

SILVER H4

Silver is currently trading in a very tight rising wedge range and today's US Durable Goods Orders reading will probably show the direction of the breakout.

A break below 16.45 would indicate downtrend resumption as it bounces of the falling trendline resistance and should take the price down to test the previous week's lows at 15.90 and further down to the rising channel support around 15.60.

A break above the falling trendline and 16.70 level would indicate a start of a broader retracement towards 17.00; 17.80 and possibly even the major resistance at 18.50.


OIL DAILY

Oil is currently testing the 3-year lows. As the bearish RSI momentum is still intact more downside should be favored and a break of 73.37 could bring it down to 72.50; 71.00 and 70.00, however, for more than a month RSI shows a divergence from the price indicating a possible underlying strenght.

A break above the current range at 78.00 should take it up to test the  old support at 80.00 as the new resistance.

0 comments :

Post a Comment