Articles
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SILVER - Weekly Report
News Date: 30/6/2014 07:22:31
Several attempts to extend bullishness above the first extended target represented in 21.08 at 78.6% correction of CD Leg of the bullish harmonic Alternative Bat Pattern failed. Despite that, stabilizing above 20.55 is positive and could lead to further bullish attempts especially with the positivity showing on Linear Regression Indicator 34 and 55.
AROON and MACD are showing that positivity began to slightly weaken but is still ongoing. Therefore, we suggest an upside move this week that remains valid by stabilizing above 20.55, while breaking 20.18 fails this positive outlook. From the upside, breaching 21.39 is significant to confirm extending the upside move above 22.00 levels.
Support 20.83 20.64 20.55 20.18 20.06
Resistance 21.08 21.39 21.75 22.00 22.16
Recommendation
Based on the above, buy silver above 20.85 targeting 21.08, 21.39 then 22.16 and stop-loss below 20.10 this week
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