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Weekly Report 06/09 -10/ 09/ 2010
In accordance with our suggested bullishness that we discussed on Friday, silver inclined sharply, interpreting the effect of the breakout above the sensitive resistance-current support-19.45 zones. The stable move above these areas and the suggested Elliott sequence which offers the probability of forming the fifth wave of the IM structure thus, more ascending movements could be seen during this week. Stochastic still supports our overview. Note that, a break of the psychological levels of 20.00 willclear the pathtowards 20.50 zones.
The trading range for this week is among the key support at 18.95 and key resistance now at 20.80.
The general trend over the short term basis is to the upside, targeting $ 21.50 per ounce as far as areas of 16.20 remain intact.
Previous Report
| Support | 19.85 | 19.75 | 19.65 | 19.45 | 19.30 |
| Resistance | 20.00 | 20.05 | 20.25 | 20.35 | 20.50 |
| Recommendation | Based on the charts and explanations above our opinion is, buying silver around 19.80 targeting 20.50 and stop loss below 19.25 might be appropriate. | ||||
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