Silver: Ready for a big move?

Today silver has headed an intraday high of 39090 but couldn’t sustain above 39000. When silver down in last week of January 39000 was the first reaction high placed during the first week of February. Now we are focusing on 39000 if silver manages to hold above that level then price objective for bulls would be 39700-40000. Key resistance for intermediate down trend would be 40600 and any sustained move above this level would increase the probabilities for completion of a harmonic structure which is widely known as bearish bat and than a rally towards 44000-44800 can’t be ruled out. Stochastic is loaded with strong momentum and stability above 50 hints bullishness for this counter. Areas of 37333 will remain in focus as trend support and any failure of this support would weaken the momentum and trend will turn sideways. Currently trading at 38848.

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