Monday, March 26, 2012

SILVER Intraday Technical Analysis 2012-03-26

Silver is presently testing the upper limit of its medium term bearish channel in 32.40 and is likely to decline. However, if these levels are passed through, the significant potential will be revealed resulting in the beginning of the bullish trend.
Technical indicators do not provide clear signals but until that the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much discarded due to the strong increase that ttok place recently. The situation is expected to stabilize soon.
Considering the previous situation, the market indicates a bullish opportunity as soon as the silver will has broken its resistance in 32.40 with 1st objectives 33.00 and 33.20. A breakdown in 32.20 will reverse this scenario.

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