|Operation Twist - Fundamental Analysis, for June 20, 2012|
|GBP/JPY Technical Levels and Trading Recommendations for June 20, 2012|
Proceeding from the today's H4 chart it can be said that silver takes a downward move after its rebound from the Resistance level 28.75 yesterday and presently it is testing the Support level of 28.40.
If silver manages to break the Support level 28.40 and closes 4H below, this will give us a good opportunity to sell enabling the Support level 28.15, then we should wait for the breaking through this level to continue the bearish move in case of breaking this Support area 28.40 - 28.15 and closing 4H below this means strength of bearish providing new sell-signals with the 27.90 level target.
On the other hand, if silver doesn't break the Support area 28.40 - 28.15 and bounces from it, the pair may test the Resistance level 28.75. If silver is able to break this Resistance level and close above 4H, this will be a strong indicator for bullish move enabling the Resistance level 29.00.
Based on the given chart, the technical indicators provide bearish sentiment, but as long as the Support level 28.40 is unbroken, the upward trend is still expected also invalidating the bearish outlook. Therefore we should wait for more confirmations before making the decision.
Resistance and Support level:
According to previous analysis, we recommend selling after closing 4H below the Support area 28.40-28.15 with TP1 27.90 and TP2 27.35; SL closing 4 hours below the Resistance area might be appropriate.
Analytical expert: Hossam Soliman Ali
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