Silver Technical Precious Metals (2011-02-11)

By @ibtimes on

Morning Report

The strong decline seen yesterday did not breach the main support for the ascending channel which organized the bullishness, which we still see valid for today. Continued attempts at 30.72 are highly likely though as far as 29.46 remain intact. We still see the bullishness intact especially as silver failed to close above top C from the bullish AB=CD pattern and that might extend the upside move towards 127% correction of CD.

The trading range for today is among the key support at 28.95 and the key resistance at 31.90.

The general trend over short term basis is to thedownside targeting 23.60 as far as areas of 30.80 remain intact with weekly closing.Support30.0029.8029.6029.4629.05Resistance30.3530.7230.8531.0031.20RecommendationBased on the charts and explanations above, our opinion is buying silver around 30.00 targeting 31.90 and stop loss with four-hour closing below 29.46 might be appropriate

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