• SILVER - Weekly Report

    The metal failed to achieve a noticeable upside move last week, instead it is trading in a sideways range above 18.74, as stabilizing above this level keeps the possibility of forming the alternative bullish harmonic Bat Pattern which is accepted despite not being ideal. The price should remain stable above 19.45 to strengthen the harmonic pattern.

    By examening the technical indicators, we notice a negative crossover attempt on Stochastic because RSI failed till now to stabilize above line 50. There is contradiction between Linear Regression Indicatos, but the metal is currently trading above it. Therefore, we will be positive depending on the harmonic formation, but a break below 18.57 fails it and breaking 19.03 and stabilizing below weakens the bullish possibiliy.

    Support 19.13 19.03 18.88 18.70 18.57
    Resistance 19.45 19.55 19.66 19.89 20.06
    According to the above, long silver above 19.20, targeting 19.45, 19.89 then 20.24, with stop-loss below 18.70.

    Note: This is only to define the trend, for more details please visit the Recommendation section

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