Published On: Mon, Mar 13th, 2017

Silver: Ichimoku clouds

Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the blue line is directed downwards, while the red one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument has been corrected to the Tenkan-sen line. One of the previous minimums of Chikou Span line is expected to be a support level (16.870). The closest resistance level is Tenkan-sen line (16.990). On the daily chart Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal . Confirmative line Chikou Span has crossed the price chart from above, current cloud is ascending. The instrument is trading around upper border of the cloud. The closest support level is the lower border of the cloud (16.670). Merged Tenkan-sen and Kijun-sen lines have become a strong resistance level (17.660).
On the both charts the instrument is still falling. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (16.870) and Stop Loss at the level of Kijun-sen line (17.150).

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Forex Analysis

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