Silver Technical Precious Metals (2010-12-23)

By @ibtimes on

Morning Report

Silver didn't show any big move since yesterday but it is clear from the chart that the previous broken harmonic uptrend line from A to C and its extension is still acting as a ceiling for the time being. Thus, our bearish outlook of the bearish harmonic butterfly pattern is still in favor and a break of 28.85 will accelerate the suggested scenario. Note that Stochastic might cause some kind of fluctuation.

The trading range for today is among the key support at 27.85 and key resistance now at 30.00.

The general trend over the short term basis is to the downside targeting $ 22.95 per ounce as far as areas of 29.80 remain intact.

Previous Report

Weekly ReportSupport29.0529.0028.8528.6028.45Resistance29.5529.8529.9530.0030.20RecommendationBased on the charts and explanations above our opinion is, selling around 29.55 targeting 28.20 and stop loss with a four hour closing above 30.20 might be appropriate.

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