Weekly Report 05/12 -09/ 12/ 2011
Silver didn't provide any 4-hour closing above 32.95, which indicates that the metal failed to incline and the bearish technical structure (rising wedge pattern) is still effective. Stochastic is negative, while the RSI failed to settle above the 50-point level, where all these factors together drive us to expect that the downside movement could return.
The trading range for this week is among the key support at 29.15 and key resistance now at 35.10.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
|Recommendation||Based on the charts and explanations above, our opinion is selling silver around 32.95, and take profit in stages at (30.75 and 29.80) and stop loss with 4-hour closing above 33.40 might be appropriate|