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TECHNICAL ANALYSIS(Morning)
2012-03-30 14:48:07

Silver



Morning Report

silver30

The level of 31.25 was able to stop the bearishness, while silver returned to settle above 31.75. This was accompanied with positivity on Stochastic, indicating that the upside move might return today, affected by stability above the main resistance of the downside movement. Consolidation above 32.85 and 33.15 is necessary to support our outlook. A breach of the mentioned level threatens the positive expectations.

The trading range for today is among the key support at 30.30 and key resistance now at 34.40.

The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.

***New York Candlesticks***

Previous Report

Weekly Report



Support 32.00 31.75 31.25 30.85 30.30
Resistance 32.45 32.85 33.00 33.15 33.40
Recommendation Based on the charts and explanations above, our opinion is buying silver above 32.00, and take profit in stages at 32.45, 32.85 and 33.65 and stop loss with 4-hour closing below 31.25 might be appropriate

 



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