Silver Technical Precious Metals (2011-04-27)
April 27, 2011 4:00 PM EST
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Using Elliott count to analyze the metalwill reveal that Monday's candlestick has been able to touch levels around 161.8% Fibonacci of the first wave of the suggested Elliott count. Thereby, the third wave might have been drawn earlier with five internal waves-colored in rose-. Momentum indicators are still showing negative signs encouraging us to keep our negative anticipations intact, noting that 43.85 should be breached to confirm the bearish wave.
The trading range for today is among the key support at 42.10 and key resistance now at 48.90.
The general trend over short term basis is to theupside,targeting 50.20 as far as areas of 42.10 remain intact with weekly closing.
|Recommendation||Based on the charts and explanations above our opinion is, selling silver around 46.55 gradually targeting 45.10, 43.85 and 42.50 , while the stop loss is a daily closing above 48.20 might be appropriate.|