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    Technical Analysis for Silver

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    kumaravel meyyapaan

    Posts : 23
    Points : 67
    Join date : 2012-05-26
    Location : Chidambaram

    Technical Analysis for Silver

    Post by kumaravel meyyapaan on 30/5/2012, 3:23 pm

    Silver

    Negativity was seen yesterday driven by the main resistance of the descending channel. Today, we find MACD is negative, while RSI is trading bearishly below the 50-point level. All these f actors drive us to expect that the downside movement might extend today , affected by the descending channel and the reversal from areas around 78.6% Fibonacci correction as shown above. A breach of 27.45 is necessary for the downside movement to continue.
    The trading range for today is among the key support at 26.05 and key resistance now at 29.05.
    The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
    Support: 27.45, 27.20, 26.65, 26.05, 25.55
    Resistance: 28.05, 28.60, 28.85, 29.05, 29.30

    Recommendation Based on the charts and explanations above, our opinion is selling silver around 27.70 and taking profit in stages at 27.20, 26.65 and 26.15 and stop loss above 28.60 might be appropriate



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