Midday Report
In line with our morning scenario, the metal continued its incline affected by our hinted positive divergence as seen on the provided daily graph. The secondary image proves that, the bullishness started at 1522.00 could be just a correction before resuming the downside journey which we followed since the metal wav valued at 1800.00 zones as Stochastic is extremely reflecting overbought signal. Anyway, we keep our anticipations intact for the rest of the day and a break back below 1563.00 will confirm them.
The trading range for today is among the key support at 1475.00 and key resistance now at 1603.00.
The general trend over the short term basis is to the upside, targeting $ 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.
| Support | 1562.00 | 1553.00 | 1540.00 | 1533.00 | 1522.00 |
| Resistance | 1573.00 | 1587.00 | 1595.00 | 1603.00 | 1607.00 |
| Recommendation | Our morning expectations remain valid. | ||||
Silver
Midday Report
Silver’s positive momentum continues, affected by the bullish Bat harmonic pattern, which is expected to remain effective over intraday basis and trigger more bullishness today. The current upside move is only a correction, yet testing areas around 29.05 is possible. Stochastic and the Relative Strength Index are positive.
The trading range for today is among the key support at 23.40 and key resistance now at 29.70.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 27.80 | 27.55 | 27.10 | 26.65 | 26.05 |
| Resistance | 28.10 | 28.60 | 28.85 | 29.05 | 29.70 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver above 27.80, and take profit in stages at (28.60, 29.05 and 29.70) and stop loss with 4-hour closing below 26.05 might be appropriate | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment