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Silver Commodity Bears Look Well-Placed

Commodities / Gold and Silver 2010 Jan 22, 2010 - 03:22 AM GMT

By: Seven_Days_Ahead

Commodities

Best Financial Markets Analysis ArticleThe impressive 2009 recovery in Silver began to show signs of maturing in the latter part of the year, with price action in Dec giving a hint of bear fatigue. We remain content with the bearish stance that we hold in the Commodity Specialist Guide and now expect to see further confirmation of this.


The Commodity Specialist view


WEEKLY CHART – CONTINUATION:

The 76.4% recovery level wasn’t very effective as resistance – it is arguable whether or not it has had a residual resistive influence.

What is clear, though, is the resistance found from the Jul-08 high.

First interesting support on this chart is implied around 16.00 (see also Daily chart below).

DAILY CHART – MAR-10:

An initial negative sign came from the Dec break below the small bull channel base projection, implying loss of momentum.

The recent bounce off clear 38.2% support has met equally clear resistance from the 76.4% s/term recovery level – we had assumed that such strength would not be long-lasting.

A break below the 38.2% area is likely, the next target being the 16.00 area, 50% pullback and Jun-09 high. However, we also keep in mind a lower Fibo projection at 15.55.

We are not yet looking for a major reversal in bull trend, though.

Philip Allwright
Mark Sturdy

Seven Days Ahead
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Mark Sturdy, John Lewis & Philip Allwright, write exclusively for Seven Days Ahead a regulated financial advisor selling professional-level technical and macro analysis and high-performing trade recommendations with detailed risk control for banks, hedge funds, and expert private investors around the world. Check out our subscriptions.

© 2010 Copyright Seven Days Ahead - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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