Tuesday, June 26, 2012
Tuesday, June 19, 2012
Thursday, June 14, 2012
Monday, June 11, 2012
Tuesday, June 5, 2012
Silver $ - (28.19) Upward rally
The
above chart shows bullish outlook for medium term. Silver kissed and is trading near medium term
trend line support which indicates bounce back on the cards toward 32 – 33.5
levels.
The formation and price development looks like
a Triple bottom on weekly chart (Bullish reversal pattern).
In addition, on weekly chart Long lower shadow
candlestick has been formed in last 3 weeks that signifies bullish reversal.
The weekly stochastic oscillator shows multiple legs
of positive divergence which is buy signal.
Support level placed at 26.
However, the momentum will pick up on upside once
the resistance (29) is breached. The reversal for the bullish view would be
below 26 on a closing basis.
Overall the Silver is heading toward 32
– 33.5 levels which is 50% - 61.8 % retracement level is taken from the 37.46 –
26.73 levels as well as falling trend line resistance level (red color).
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