Despite the aggressive move that occurred yesterday which breached the Fibonacci expansion level as we discussed in our yesterday's mid-day report but actually the price is moving slowly above 61.8% which is valued at 12.85 areas and we notice on the above chart that it was a cluster resistance turned into support; hence, we expect an incline and upward recovery to retest the Fibonacci broken level. We will keep our outlook to the upside today as far as 12.50 remains unbroken. Note: Stochastic and WILLIAM %R show oversold signs.
The trading range for today is among the key support at 12.45 and key resistance now at 13.90.
The general trend is to the upside as far as 12.00 remains intact with targets at 16.50.
|According to our analysis, we believe that it is good to buy silver with a four hour close above 13.05 with targets at 13.65 and stop loss with a four hour close below 12.55.|