Weekly Report 12/04 -16/ 04 / 2010

Between 18.90 and 19.30 areas, the suggested harmonic pattern of AB=CD might be completed but we believe that, areas of 18.35 could be retested first, and then achieving this suggested bullishness to resume the CD leg rally. AROON shows that, the uptrend is still strong enough, while RSI 14 is moving inside overbought zones. From here we will be waiting for a mild correction before moving upwards.

The trading range for this week is among the key support at 17.60 and key resistance now at 19.40.

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 Report

RecommendationBased on the charts and explanations above our opinion is, buying silver from 18.30 targeting 18.90 and stop loss below 17.85 might be appropriate