Silver - Intraday - We look to Buy at 22.50 (stop at 21.70)
The overnight rally has been sold into and there is scope for further bearish pressure going into this morning. The medium term bias remains bullish. Trades at the highest level in 82 months. The continuation higher in prices through resistance has been impressive with strong momentum and shows no signs of slowing. Further upside is expected although we prefer to buy into dips close to the 22.50 level.
Our profit targets will be 24.90 and 26.00
Resistance: 26.18 / 27.00 / 28.50
Support: 24.00 / 22.50 / 21.00
The overnight rally has been sold into and there is scope for further bearish pressure going into this morning. The medium term bias remains bullish. Trades at the highest level in 82 months. The continuation higher in prices through resistance has been impressive with strong momentum and shows no signs of slowing. Further upside is expected although we prefer to buy into dips close to the 22.50 level.
Our profit targets will be 24.90 and 26.00
Resistance: 26.18 / 27.00 / 28.50
Support: 24.00 / 22.50 / 21.00
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