Silver Technical Precious Metals (2011-03-02)

By @ibtimes on

Morning Report

Our expected bearish correction has failed as 161.8% Fibonacci of AB leg was cleared, making us suggest potential upside move over intraday basis despite of overbought signs appearing on momentum indicators. BC leg represented 61.8% and thus, we may visit areas between 161.8% and 200%. In result, the PRZ of this pattern could be seen around 35.10 zones, followed by 36.00 levels but areas around 33.75 should protect this awaited bullishness.

The trading range for today is among the key support at33.60 and key resistance now at 36.00.

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

Previous Report

Weekly ReportSupport34.3034.1534.0033.7533.60Resistance34.8035.1035.3035.6036.00RecommendationBased on the charts and explanations above our opinion is, buying silver around 34.15 targeting 36.00 and stop loss with a four hour closing below 33.75 might be appropriate.

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