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TECHNICAL ANALYSIS(Morning)
2012-04-03 14:27:53

Silver



Morning Report

silver03

The metal inclined above 33.00 mentioned yesterday, which represents the neckline of the bullish technical structure. Furthermore, the ascending support successfully left MACD positive. In addition, the metal settled above 23.6% Fibonacci correction around 32.60 and also above the resistance of 32.85. Therefore, the upside move might continue today, while consolidation above the bullish technical structure at 33.00 supports the suggested intraday upside move to remain valid.

The trading range for today is among the key support at 31.75 and key resistance now at 35.05.

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 33.00 32.85 32.60 32.15 32.00
Resistance 33.40 33.65 34.00 34.30 34.65
Recommendation Based on the charts and explanations above, our opinion is buying silver around 33.00 and taking profit in stages at 33.65, 34.40 and 35.05 and stop loss with 4-hour closing below 32.15 might be appropriate

 



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