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Silver Friday, 23/12/2011 - Morning Analysis
Entered the silver price trend laterally confined in the levels below 61.8% at a price of 29.70 and above 78.6% retracement level at a price of 28.10, but most of the trades settled above 29.00. However, this is still to the side where the downward tendency in the price caused by the wedge, as well as the price is still within the descending channel for the general movement. Therefore, we still believe that we are to the possibility of a downward trend in the coming period. Stochastic supports our expectations.
The trading range for today is among the key support at 27.10 resistance level of 31.00
The short term trend downward toward the bottom and at the level of the target level of 26.65 firmly 48.50 weekly closing
The graph above in New York close Candles
Support 29.05 28.85 28.60 28.10 27.50
Resistance 29.70 29.90 30.30 30.55 30.85
Recommendation Based on our chart above, we believe that the sale of silver and 29.70 on profit-taking in two phases at 28.60 and 27.50 and stop loss with four hour closing above 30.85, might be appropriate.
Entered the silver price trend laterally confined in the levels below 61.8% at a price of 29.70 and above 78.6% retracement level at a price of 28.10, but most of the trades settled above 29.00. However, this is still to the side where the downward tendency in the price caused by the wedge, as well as the price is still within the descending channel for the general movement. Therefore, we still believe that we are to the possibility of a downward trend in the coming period. Stochastic supports our expectations.
The trading range for today is among the key support at 27.10 resistance level of 31.00
The short term trend downward toward the bottom and at the level of the target level of 26.65 firmly 48.50 weekly closing
The graph above in New York close Candles
Support 29.05 28.85 28.60 28.10 27.50
Resistance 29.70 29.90 30.30 30.55 30.85
Recommendation Based on our chart above, we believe that the sale of silver and 29.70 on profit-taking in two phases at 28.60 and 27.50 and stop loss with four hour closing above 30.85, might be appropriate.
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