Weekly Report 04/04 -08/ 04/ 2011
We are very close to the PRZ of the previous suggested bearish harmonic crab pattern after touching 36.43- one of previous week targets-. Presently, we will follow the daily closings around 37.95 and 38.68 levels since the daily closing below the last level will keep our harmonic study valid. Stochastic is showing overbought signs and also RSI is trending downwards and therefore, we suggest bearish direction during this week as far as we don't witness a daily closing above 39.00. We recommend following the daily report for more details about the intraday direction.
The trading range for this week is among the key support at 34.30and key resistance now at 39.25.
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 ReportSupport37.6037.2036.9036.4536.05Resistance37.9538.1538.6839.0039.25RecommendationBased on the charts and explanations above our opinion is, selling silver with a four hour closing below 37.20, gradually targeting 36.43, 36.05 and 35.35; while the stop is a daily closing above 37.95 might be appropriate.