Weekly Report 26/04 -30/ 04 / 2010
The metal has found a very solid support around 17.80 zones that helped it to incline, forming a bullish candlestick formation as seen on the provided daily chart. Now, further bullishness could be seen during this week to resume the CD leg of the proposed harmonic AB=CD pattern but not before covering the gap at 18.20-18.25 zones.
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 ReportSupport18.2518.1518.0517.9017.85Resistance18.4018.4618.5518.7018.74RecommendationBased on the charts and explanations above our opinion is, buying silver from 18.25 targeting 18.90 and stop loss below 17.70 might be appropriate.