Silver Technical Precious Metals (2011-02-22)

By @ibtimes on

Morning Report

Silver declined from 161.8% of BC leg, suggesting that the bearish harmonic AB=CD pattern might have been completed there. Areas of 34.15 are very important since we can witness a downside move towards 38.2% retracement of CD leg. Thereby, we believe that the bearishness might dominate the price behaviors today as far as the daily closing remainsbelow 34.30-34.15.

The trading range for today is among the key support at 31.50 and key resistance now at 34.15.

The general trend over short term basis is to thedownside targeting 29.40 as far as areas of 35.10 remain intact with weekly closing.

Previous Report

Weekly ReportSupport33.2032.9032.4532.2031.95Resistance33.7531.1534.3034.8035.10RecommendationBased on the charts and explanations above our opinion is, selling silver around 33.75 targeting 32.45 and stop loss with a four hour closing above 34.30 might be appropriate.

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