SILVER Intraday Technical analysis 2012-02-23

The silver is moving in a medium-term trading range and approach to the upper limit of this one in 34.50 suggesting a decline. However a break of these levels would free a large potential and initiate a bullish trend.
Technical indicators do not provide clears signals but approach to the overbuy zone suggesting a decline in the short term and until that the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much discarded to a result of the strong increase of these days. Stabilization is expected in the short term.
According to previous events, the market indicates a bullish opportunity as soon as the silver will have broken its resistance in 34.50 with a 1st objective of 34.90, then 35.10. A break in 34.30 would invalidate this scenario.