Silver Technical Precious Metals (2011-03-31)

By @ibtimes on

Morning Report

We can see on the chart an ascending support that resides with the SMA 20 at 37.20-15. Those areas are critical for the harmonic bearish crab pattern, where a breach of which signals that silver did not settle for the first target at 36.40 and more bearishness will be eminent as we still expect. Nonetheless, failure to breach those areas signals the coming target at 38.68 before attempting to head south again. Therefore,we expect a downside move today that requires the breach of 37.15.

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 ReportSupport37.0537.2037.0537.0036.90Resistance37.7537.9538.1038.3839.00RecommendationBased on the charts and explanations above, our opinion is selling silver with four-hour closing below 37.15 and take profit in three intervals at -36.43, 36.05, 35.35 – and stop los with daily closing above 37.95 might be appropriate

Join the Discussion