Markets

Silver Technical Precious Metals (2011-09-02)

Morning Report Observing the 4-hour interval, we find silver is forming a possible Bat harmonic structure, but this structure also could be Gartly structure, however, the AB leg is less than 50% of the XA leg. In general, stability above 41.40 suggests an upside move, while consolidation above 40.80-90 should keep our expectations valid. A breach of C point bottom at 40.25 should negate the suggested harmonic pattern. The trading range for today is among the key support at 38.80 and key resistance now at 43.68 The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact Previous Report Weekly Report

Support 41.40 40.90 40.40 40.25 40.10
Resistance 41.70 42.20 42.95 43.05 43.60
Recommendation Based on the charts and explanations above, we recommend buying silver around 41.14 and take profit in stages at (42.20 and 43.05) and stop loss with 4-hour closing below 40.40 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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