Weekly Report 08-12 / 03 / 2010
Silver is approaching the extreme PRZ-potential reversal zones- for the proposed bearish harmonic AB=CD pattern as seen on the provided daily chart. These D levels are very close to 76.4% Fibonacci level for the descending movements from 18.82 to 14.63 zones. Henceforth, we believe that the metalmightmove downwards during this weekfrom these areas while being supported by Stochastic negative overlapping.
The trading range for this week is among the key support at 15.90 and key resistance now at 18.40.
The general trend is to the upside as far as 12.45 remains intact with targets at 20.15.
|Recommendation||Based on the charts and explanations above our opinion is, selling silver from 17.60 targeting 15.65 and stop loss above 18.35 might be appropriate.|