Weekly Report 21/06 -25/ 06 / 2010
The extreme target of the PRZ for the proposed harmonic structure of AB=CD pattern reside at 261.8% Fibonacci levels at 19.43 zones. The metal is facing two technical obstacles for the time being.
1- Facing the upper line of the ascending channel.
2-Stochastic moves inside overbought areas.
Thus; the outlook will be neutral during this week until we make sure if that the silver will be affected by the pattern of the four-hour chart or the bigger picture of daily chart will affect it positively.
The trading range for this week is among the key support at 18.40 and key resistance now at 20.70.
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 ReportSupport19.1018.9018.8018.7418.65Resistance19.3519.4319.5519.7019.80RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.