Monday, February 13, 2012

SILVER Intraday Technical analysis 2012-02-13

The silver is currently testing the intermediate resistance of its medium term bullish channel in 33.90 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 34.60.
RSI provide buyers signals but approaching to the overbuy zone suggesting a decline. Bollinger bands are stabilized showing a more regular volatility.
According to previous events, the market indicates a bullish opportunity as soon as the silver will have broken its resistance in 33.90 with a 1st objective of 34.40, then 34.60. A break in 33.70 would invalidate this scenario.

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