Silver Technical Precious Metals (2011-02-23)

By @ibtimes on

Morning Report

Violent price behaviors but the provided graph shows how the bearish harmonic AB=CD pattern is valid enough to send it towards 23.6% Fibonacci level of CD leg. The first technical objective of this pattern resides at 38.2% of CD leg at 31.25 but areas of 32.45 should be breached first. Momentum indicators still show overbought signs and thereby, we hold onto our bearish predications over intraday basis. Note that, areas of 34.15 should hold to keep the scenario valid and preferably stabilizing below 33.60.

The trading range for today is among the key support at 30.85 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 ReportSupport32.4532.2031.9531.4031.25Resistance32.8533.0033.2533.7534.15RecommendationBased on the charts and explanations above our opinion is, selling silver around 32.85 targeting 31.25 and stop loss with a four hour closing above 33.60 might be appropriate

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