Silver Weekly Technical Report  7-11/1/2013

ecPulse
2013-01-07 09:30AM UTC

 

After meeting the lower line of our previous drawn downside channel around the support of 29.15, the metal has achieved a strong recovery. But, we can notice that silver have managed to close beneath the strong resistance of 30.60 and below the combination of moving averages as seen on the provided daily chart. Stochastic and Vortex remain negative suggesting that the metal was breathing on Friday within the main descending channel started at 35.35 boundaries. Of note, a break below 29.60 will bring aggressive debasement over upcoming sessions. 

 

The trading range for this week is expected among the key support at 27.45 and key resistance at 32.25.

 

 

The short-term trend is to the upside with steady weekly closing above 26.00 targeting 50.00.

 

 

Support 30.00 29.60 29.15 28.90 28.20

Resistance 30.50 30.80 31.50 31.75 32.25

Recommendation Based on the charts and explanations above, we recommend selling silver around 30.40 targeting 28.75 and stop loss above 31.55 might be appropriate this week.

 

 

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