Morning Report

The classical overview shows how the metal's actions was limited around 39.25 zones, where it inclined once more proving the effect of the bullish channel that dominated the metal during 2011. Also, we notice that the minor upside channel -colored in blue- remains unbroken. In the interim, SMA 20 and SMA 50 are positive although Stochastic became close to overbought areas. Stochastic didn't show a negative crossover and therefore, we hold onto our bullish scenario over intraday basis.

The trading range for today is among the key support at 38.15 and key resistance now at 41.35.

The general trend over short term basis is to theupside,targeting 40.95 as far as areas of 30.80 remain intact with weekly closing.

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RecommendationBased on the charts and explanations above our opinion is, buying silver around 39.55, gradually targeting 40.20 and 40.95; while the stop is a four hour closing below 38.65 might be appropriate.