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SILVER - Weekly Report
News Date: 19/5/2014 07:30:12
The metal dropped after touching the first target of the bullish alternative harmonic Bat Pattern and is still above Linear Regression Indicators and 13% correction of CD Leg of the pattern at 19.13. Stabilizing above the referred to level is positive and we will count on it this week to strenthen the new bullish attempts.
The first target of the pattern at 19.89 became a significant interval for the possibilities of extending the upside move, whereas breaching this level and stabilizing above it is important to confirm the bullish extension. On the other hand, a break below 19.03 weakens positivity, while breaking 18.57 gets the price into a strong bearish wave.
Support 19.45 19.13 19.03 18.80 18.57
Resistance 19.55 19.64 19.89 20.24 20.60
Recommendation
According to the above, long silver above 19.45, targeting 19.89, 20.06 then 20.60, with stop-loss below 18.70.Note: This is only to define the trend, for more details please visit the Recommendation section
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