02-22-2012, 12:01 PM #1
SILVER Intraday Technical analysis
The silver is currently testing the upper limit of its medium term trading range in 34.50 and seems to initiate a decline. However a break of these levels would free up significant potential and initiate a bullish trend.
Technical indicators provides buyers signals but approaching to the overbuy zone supporting the assumptions of a decline. Bollinger bands are much discarded to a result of the strong increase of these days. Stabilization is expected in the short term.
According to previous events, the market indicates a bullish opportunity as soon as the silver will have broken its resistance in 34.50 with a 1st objective of 34.90, then 35.10. A break in 34.30 would invalidate this scenario.
The material has been provided by Instaforex Company - instaforex.com
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