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Markets

Silver Technical Precious Metals (2011-05-03)

Morning Report Click on the image for a larger view The metal fluctuated aggressively yesterday but it came back below the major resistance line of the ascending channel. Trading below this resistance argues us to say that the fifth wave of the IM formation is over. All what we need now is a daily closing below the lower line of Bollinger bands to confirm this negative possibility. Conversely, areas of 47.85 should hold with a daily closing below it to keep this scenario valid. The trading range for today is among the key support at 40.60 and key resistance now at 48.10. The general trend over short term basis is neutral until we see how the price will behave around 42.05-42.30 during this week. Previous Report Weekly Report

Support 45.10 44.85 44.68 44.35 43.85
Resistance 45.50 46.05 46.85 47.30 47.85
Recommendation Based on the charts and explanations above our opinion is, selling silver around 45.50 gradually targeting 43.85,42.05 and 40.60, while the stop loss is a daily closing above 47.85 might be appropriate.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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