02-28-2012, 01:03 PM #1
SILVER Intraday Technical Analysis
Silver is currently testing the upper limit of its medium term bullish channel in 35.70 and seems to initiate a decline. However, a breakdown of these levels will reveal a significant potential and boost the bullish trend.
Technical indicators do not provide signals for Sell-deals but their presence within the overbuy zone points at possible decline that is likely to take place soon. For the last days Bollinger bands have significantly tightened showing a decline in volatility and the imminence of a violent movement.
According to the previous events, the market indicates a bullish opportunity as soon as the silver will has broken its resistance level in 35.70 with the 1st objective seen at 36.30 and further at 36.5
The material has been provided by Instaforex Company - instaforex.com
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