From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with 5/15 minutes.
On the monthly chart we see that only since 2003, there has been a strong revival of demand and prices of this metal dynamically reached level around 50.00. Since May 2011, we observe a decrease, which in January of this year reached the line of upward trend
Following the rejection of this support, for the first half of the year we saw increases, which defeated even the resistance of 18.50.
Finally,from July we observe declines as a result of whom we again find ourselves below this level 18.50.
As we see the situation on the daily chart pretty much resembles that of a chart of gold. Here, too, since the defeat of support 18.50 for over a month we witnessed an upward correction and final re-test, and the rejection of this level from the bottom. Given that the market defeated in the recent level of 16.90, we expect the declines to continue even in the vicinity of 15.90.
At the chart H1 chart we can see that the market is re-testing currently the resistance level around 16.70 levels coinciding with the momentum of 50% Fibonacci correction of the last bearish impulse and 38.2% Fibo from all previous downward movement.
At the chartM15 we can see how precisely the market re-tested the mentioned zone. Its rejection could trigger declines, at least in the vicinity of Friday’s lows.
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