Silver Technical Precious Metals (2011-02-24)

By @ibtimes on

Morning Report

Due to yesterday's sharp incline, our intraday expectations failed but the short term outlook remains bearish since trading is still below 34.15 zones. Momentum indicators still confirm the efficiency of bearish harmonic structure, which could send the metal once more. Closing above 33.60, which occurred this morning, could not continue for more than one candlestick recording 33.64 as the price came below it again. Henceforth, today's trend might be bearish but note that risk versus ratio is too high and areas of 34.15 should hold to keep this outlook valid

The trading range for today is among the key support at 31.40 and key resistance now at 35.10.

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 ReportSupport33.6533.2533.1032.8532.45Resistance33.6033.7534.1534.3034.80RecommendationBased on the charts and explanations above our opinion is, selling silver around 33.60 targeting 31.40 and stop loss with a four hour closing above 34.30 might be appropriate.

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