Markets

Silver Technical Precious Metals (2011-06-15)

Morning Report Click on the image for a larger view Silver inclined slightly after touching the initial support around 34.35, while Stochastic started to enter overbought areas attempting to overlap negatively. Thus, the efficiency of the suggested Elliott count seen on the provided image remains intact. Consequently, we expect bearish direction over intraday basis which will be confirmed by a four hour closing below 35.00 zones. The trading range for today is among the key support at 33.05 and key resistance now at 37.45. 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 35.00 34.80 34.50 34.35 33.90
Resistance 35.65 36.15 36.35 36.80 37.00
Recommendation Based on the charts and explanations above our opinion is, selling silver below 35.00 gradually targeting 33.90 and 33.05 , while the stop loss is a daily closing above 36.35 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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