The bullish pattern which we discussed before is about to lose its effect gradually especially after reaching 12.25 areas which represents the upper line or the reversal ascending channel. The William % R together with AROON and Momentum indicators support the downside move but we don't expect that will happen before a confirmed bearish candle or pattern with a successful breakout below 11.96 where only then we can see a further decline towards 11.70 area first followed by 11.45
The trading range for today is among the key support at 11.34 and the key resistance now at 12.55
The general trend is to the downside as far as 14.70 remains intact with targets at 9.85 and 8.50.
|Sell silver with a four hour close below 11.96 with targets at 11.70 and stop loss with a four hour close above 12.25|