March 16, 2012
- Ichimoku cloud of daily time frame is acting as support.
- Pair is moving up from the cloud But a bigger up move will happen only if daily candle closes above 20 day SMA.
- If it is a strong down trend price will not trade above 20 Day SMA.
- BANK OF AMERICA GOLDEN CROSS
FOUR HOUR CHART
ONE HOUR CHART
- Silver daily chart is finding support at 50% Fib level
- 20 period SMA of four hour chart is acting as resistance as shown in first chart.
- An up move is possible if price trades above the 20 period moving average of four hour time frame.
- One hour chart shows price contraction which may lead to a bigger move.
- BN is testing the middle bollinger band or the 20 Day SMA. Closing below this level will be bearish and retest of the 200 and 50 SMA might happen again. Getting support here means another up move towards the recent high.
- Weekly chart shows price near 5 Week High EMA. Today being a weekly close its important for bulls to close above this level.
- Weekly chart with cloud shows a struggle between bulls and bears. For a bigger up move to happen week candle has to close and sustain above the weekly cloud.