Weekly Report 15-19 / 03 / 2010
Silver has closed negatively as seen on the bearish structure of the candlesticks for the daily chart. Thus; we believe that the bearish pressure of the negative harmonic AB=CD patternmight continue during this week, particularly if the metal succeeded in breaching the harmonic uptrend line. AROON up-colored in green- has penetrated the value of 70.00, supporting our scenario.
The trading range for this week is among the key support at 15.60 and key resistance now at 18.30.
The general trend over the short term basis is to the downside, targeting $ 13.60 per ounce as far as areas of 19.40 remain intact.
Previous ReportSupport16.9016.7716.6516.5516.45Resistance17.0517.1817.2517.4017.55RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.10 targeting 15.90 and stop loss above 17.95 might be appropriate.