Markets

Silver Technical Precious Metals (2011-11-29)

Morning Report Silver is stable below the simple moving average 50, and also below 38.2% Fibonacci correction at 32.95, which supported the rising wedge pattern to remain effective. Therefore, our negative expectations remain valid. Stochastic is positive, but consolidation above 33.35 is required to activate this positivity seen on the indicator The trading range for this week is among the key support at 29.55 and key resistance now at 33.50. The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact. **New York Candlesticks** Previous Report Weekly Report

Support 31.60 31.25 30.95 30.50 30.30
Resistance 32.10 32.60 32.95 33.05 33.35
Recommendation Based on the charts and explanations above, our opinion is selling silver around 32.10, and take profit in stages at (30.30 and 29.55) and stop loss with 4-hour closing above 33.35 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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