Silver Reversal in the Works
November 27th, 2009 Posted in Tech Analysis
Name: Anton Eljwizat
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In today’s trading, the silver experienced much bearishness. However, as I will illustrate below the 4-hour chart’s oscillators support a bullish reversal for today. This might be a good opportunity for forex traders to enter the trend at a very early stage and at a great entry price.
• The chart below is the 4-hour Silver chart by ForexYard.
• The technical indicators that are used are the Slow Stochastic and Relative Strength Index (RSI).
• Point 1: There is a “doji” candlestick formed in the chart, indicating that a reversal should take place.
• Point 2: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
• Point 3: The RSI signals that the price of this pair currently floats in the over-sold territory, suggesting upward pressure.
Silver 4-Hour Chart
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Tags: commodity, Forex, forex blog, gold silver, RSI, silver, Silver today, silver usd, Slow Stochastic, Technical Analysis
