Weekly Report 03/05 -07/ 05 / 2010
We see on the provided four-hour chart how the metal has been able to reach the second PRZ-potential reversal zones- of the bearish harmonic AB=CD pattern, where a clear shooting star candlestick pattern has been formed, accompanied by negative signs on RSI 14 and AROON indicators. Therefore, possible negative movements could be seen during this week.
The trading range for this week is among the key support at 17.65 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 ReportSupport18.4518.3518.2518.1517.90Resistance18.6018.6718.7418.8019.00RecommendationBased on the charts and explanations above our opinion is, selling silver from 18.65 targeting 17.90 and stop loss above 19.25 might be appropriate.