Thread: Silver
The short term trend of the Silver is to the upside. Intraday trading range of the Silver is expected among key support at 31.90 and key resistance at 34.20. Based upon my chart analysis, I prefer to stay aside from the Silver until we get a confirm setup for the upcoming big move.
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Elliott: flat correction down 32.56
There is bearish potential for a fall to 32.57 while 32.93 - 33.04 resist. After this fall a recovery up to 33.04 or 33.16 is expected.
Warning: Low Zone - Engulfing pattern
Technical points
Key point 32.5800
Entry point 32.9400
Elliott 33.3000
Closing 32.7900
Projection 32.5600
Trendline 33.0300
Trendline 33.0300
Supports / Resistances
Res 2 33.5200
Ex-High 33.3000
Res 1 33.1600
Pivot 32.9300
Sup 1 32.5700
Ex-Low 32.7100
Sup 2 32.3500
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Silver up again fall has appreciated 3 fractals alligator moving in the area, and the pair of them went broke Southern Rolling, Stochastic also filed southern light, make a deal with the trend.
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Narrow range appears on the price of silver, while remaining stable trading below 33.20, leaving the scenario proposed in our previous stand as it is what is not breached levels between 33.20-33.35
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Elliott: correction zigzag 33.45
Uptrend is still intact in a triangle configuration. It should continue to rally to 33.42 or 33.36 if support around 33.12 hold. After which a pullback to 33.12 - 33.04 zone is possible.
Warning: End of trend - Imminent end of bullish move
Technical points
Key point 33.3700
Entry point 33.1400
Elliott 32.5600
Closing 33.2200
Projection 33.6600
Trendline 32.8500
Trendline 33.1000
Supports / Resistances
Res 2 33.5100
Ex-High 33.2600
Res 1 33.3600
Pivot 33.1200
Sup 1 32.9700
Ex-Low 32.8700
Sup 2 32.7200
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the silver price returned to test 33.20-33.35 levels and settle down near her, and as Ohran in our reports yesterday, the stability below these levels makes us expect more downside correction, which requires to achieve two main factors
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The short term trend of the Silver is to the upside. Intraday trading range of the Silver is expected among key support at 31.90 and key resistance at 34.20. Based upon my chart analysis, I prefer to selling the Silver around 33.30 with targets 32.40 then 31.90 and stoploss with four hour candle closing above 33.65.
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Silver technical analysis for 18.10.2012 by using : Auto pivot indicator.
resistance 3:33.75
resistance 2:33.50
resistance 1:33.35
pivot point :33.10
support 1:32.95
support 2:32.70
support 3:32.55
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Till now Silver on look bullish. The MACD on 4H TF on look support for bulls. Then, we see the price (from bottom) now on try to break up to that 23.6 fib at 33.13. So, with my simple analysis search for buy if that 23.6 fib 33.13 was break by strong buyer then.
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Silver price was based well on the SMA 50 to bounce upwards heading towards a re-test levels previously breached pivotal support between 33.20-33.35
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