Silver Technical Precious Metals (2011-03-30)

By @ibtimes on

Morning Report

Silver moved higher and stabilized above the SMA 20 and top X of the suggested harmonic Crab Pattern, Stochastic entered overbought areas and we still need four-hour closing below 37.05 to confirm the effect of the bearish harmonic pattern. Meanwhile, stability above this level and 37.20 might support silver to the upside before returning again to the bearishness. In general,we preserve our expectations for the bearishnesstoday and thedirection will be confirmed with the aforementioned close below 37.05.

The trading range today is among the key support at 35.35 and the key resistance at 38.68.

The general trend over short term basis is to theupside targeting 39.05 as far as areas of 30.80 remain intact with weekly closing.

Previous Report

Weekly ReportSupport37.0537.0036.9036.5036.30Resistance37.5037.7537.9538.1038.68RecommendationBased on the charts and explanations above, our opinion is selling silver with four-hour closing below 37.05 and take profit on three intervals at -36.43, 36.05, 35.35 – and stop los with daily closing above 37.95 might be appropriate

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