Monday, April 25, 2016

Silver: Ichimoku Clouds

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Scenario
Timeframe Intraday
Recommendation BUY
Entry Point 16.96
Take Profit 17.70
Stop Loss 16.23
Key Levels 16.23, 16.96, 17.70.
 
Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument has broken down Tenkan-sen and Kijun-sen lines. The closest support level is the upper border of the cloud (16.52). The closest resistance level is Tenkan-sen line (17.05). 
 
 
On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (16.73). One of the previous maximums of Chikou Span line is expected to be a resistance level (17.70).
On the both charts the instrument is still rising. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (17.70) line and Stop Loss at the level of Kijun-sen line (16.23).
 
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