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  • SILVER - Weekly Report



    Silver continues mostly to trade between 19.13 and 19.89 since April 15; trading is affected by the harmonic alternative bullish Bat Pattern. However, silver failed to breach the first target with daily closing at 19.89 at 38.2% correction of CD leg.

    AROON shows the weakening of the upside move and MACD also reflects as well the weakness of the upside move. WE will depend n stability above 19.03 -13% correction- to hold onto our positive harmonic outlook until silver confirms the end of the positive effect and settle for the first recorded target. A breach of 19.89 will trigger new upside waves targeting 20.24 then 20.60, while a breakout below 19.03 will trigger a retest to 18.74 then the support at 18.57 at least.

    Support 19.32 19.25 19.13 19.03 18.72
    Resistance 19.55 19.64 19.73 19.89 20.24
    Recommendation
    Based on the above, buy silver above 19.40 targeting 19.89, 20.06 then 20.60 and stop-loss below 19.00 this week

    If the stop-loss is triggered, sell silver below 19.00 targeting 18.74, 18.57 then 18.42 and stop-loss above 19.32

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


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