Silver Technical Precious Metals (2011-12-16)
Morning Report Silver moved higher after the rebound from 78.6% correction shown above, while Stochastic helped the upside move. The positive signal on Stochastic and the rebound from areas around 28.10 might support the attempt to retest areas between 30.00 and 30.85 before resuming the downside wave. Nevertheless, the downside move is still valid till now and the general structure for silver is still negative. The trading range for today is among the key support at 26.00 and key resistance now at 33.55. The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact with weekly closing. Previous Report Weekly Report
Support
29.05
28.85
28.60
28.10
27.50
Resistance
29.90
30.30
30.55
31.00
31.30
Recommendation
Based on the charts and explanations above our opinion is selling silver around 29.70 and take profit in stages at 28.10 and 27.15 and stop loss with four-hour closing above 30.85 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.
