Silver Technical Precious Metals (2011-05-11)

By @ibtimes on

Morning Report

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We became worried about the suggested count as trading should come below 38.50 zones to prove our negative overview. Carefully note that touching 42.20 zones may negate the IM wave -colored in dark blue- and of that occurred we will reconsider our Elliott count. Now, Stochastic is showing overbought sign and may assist the metal to come back below 38.50 zones. In result, possible bearishness could be seen over intraday basis.

The trading range for today is among the key support at 35.10 and key resistance now at 42.10.

The general trend over short term basis is to the downside targeting 26.65 as far as areas of 48.50 remain intact with weekly closing.

Previous Report

Weekly ReportSupport38.8038.5038.1037.4536.80Resistance39.4039.7540.2040.8541.85RecommendationBased on the charts and explanations above our opinion is, selling silver around 39.40 gradually targeting 37.45,36.45 and 35.65 , while the stop loss is a four hour closing above 40.20 might be appropriate.

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