Weekly Report 17/05 -21/ 05 / 2010
The long white candlestick formation of the past week signaled that the IM structure is still in progress according to our suggested Elliott sequence of the medium term basis. Some kind of fluctuation might occur torelieve Stochastic before resuming the awaited bullishness during this week. AROON indicator is still supporting the positive possibility. A break of 19.65 will be able to accelerate thiss scenario.
The trading range for this week is among the key support at 18.60 and key resistance now at 20.50.
The general trend over the short term basis is to the upside, targeting $ 21.50 per ounce as far as areas of 16.20 remain intact.
Previous ReportSupport19.2519.1019.0518.9418.80Resistance19.4519.5519.6519.7019.80RecommendationBased on the charts and explanations above our opinion is, buying silver from 19.25 targeting 20.00 and stop loss below 18.65 might be appropriate.