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Silver Technical Precious Metals (2011-06-03)

Morning Report Click on the image for a larger view The major support line and 23.6% at 36.354 were breached. This breakout confirms our bearish suggestions targeting 34.80 where a break of which will bring additional bearishness. It seems as if we face a TZ formation but it is not confirmed yet. Momentum indicators are showing oversold signs but we don't think it will change the scenario. The trading range for today is among the key support at 33.05 and key resistance now at 38.00. The general trend over short term basis is to the downside,targeting 26.65 as far as areas of 48.50 remain intact with weekly closing. Previous Report Weekly Report

Support 35.65 35.00 34.80 34.35 34.00
Resistance 36.15 36.35 36.80 37.10 37.45
Recommendation Based on the charts and explanations above our opinion is, selling silver around 36.35 gradually targeting 35.65,34.80 and 33.90 , while the stop loss is a daily closing above 37.45 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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