Silver Technical Precious Metals (2011-02-17)

By @ibtimes on

Morning Report

The metal is hovering around 30.72 zones -127.2% of CD leg- of the bullish AB=CD pattern, which is achieving its extended targets. Stochastic started to change its sign to be bullish. Therefore, the bullishness may continue over intraday basis and a break of 30.90 with a four hour closing will send the metal higher towards 30.22 and if this levels is breached, we will witness an extended upside wave. Note that, areas of 30.35 should hold to protect this scenario and preferably 29.80 zones.

The trading range for today is among the key support at 29.46 and key resistance now at 31.91.

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.

Previous Report

Weekly ReportSupport30.6030.3530.0029.8029.60Resistance30.8531.0031.2031.4031.70RecommendationBased on the charts and explanations above our opinion is, buying silver around 30.70 targeting 31.90 and stop loss with a four hour closing below 29.80 might be appropriate.

Join the Discussion