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Fundamental analysis for precious metals silver - 3/27/2009
Morning report
Silver is moving in consolidation areas between 13.45 and 13.70 but also the bullish potential becomes in favor depending on the obvious bullish engulfing pattern appearing on the 4h chart while TEMA 15 and EMA50 are supporting our positive overview. Hence more upside action is anticipated on the intraday basis as far as 13.12 areas remains unbroken and any clear break out occurs above 13.65 will accelerate this expected bullishness towards testing $14.00 per ounce (Psychological level) and we think it probably will extend towards 14.25 zones.
The trading range for today is among the key support at 12.85 and key resistance now at 14.25.
The general trend is to the upside as far as 12.00 remains intact with targets at 16.50.
| Support | 13.45 | 13.35 | 13.25 | 13.12 | 13.00 |
| Resistance | 13.66 | 13.77 | 13.90 | 14.00 | 14.25 |
Recommendation | According to our analysis, we believe that it is good buy silver at 13.50 with targets at 14.10 and stop loss at 13.05. | ||||
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