Silver Technical Precious Metals (2011-04-19)

By @ibtimes on

Morning Report

Aggressive actions ended by downside move, where the metal succeeded in reaching the first technical target detected in our weekly report. The negativity of Stochastic is still appearing as well and this may be an indication that our suggested Elliott sequence is valid. Henceforth, a corrective wave is awaited to the downsideas far as stability remains below 44.63 during this week and below 44.10 for today.

The trading range for today is among the key support at40.20 and key resistance now at 44.63.

The general trend over short term basis is neutral until we see how the metal will behave around 42.05-42.30 zones during this week.

Previous Report

Weekly ReportSupport42.6542.5042.0541.8041.35Resistance43.0043.2543.6844.1044.63RecommendationBased on the charts and explanations above our opinion is, selling silver around 43.00 gradually targeting 42.05, 41.80 and 40.60 , while the stop loss is a daily closing above 44.10 might be appropriate.

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