Morning report

Silver reached all our yesterday’s analysis projected targets by placing a low of 12.96 whereas it violently moved to the upside but with the continuous negative 4h candle stick close below 13.50 (initial resistance) to form a bearish candle stick pattern where we can say that a new downside reactionary wave is under construction and its highly anticipated on the intraday basis that it will move to the downside again retesting 13.25 areas followed by retesting 12.95 once more. Carefully note that stochastic shows a negative sign while William%R indicator is approaching an overbought zone supporting our overview as far as 14.00 areas remains unbroken.

The trading range for today is among the key support at 12.85 and key resistance now at 14.25.

The general trend is to the upside as far as 12.00 remains intact with targets at 16.50.












Support13.3513.2513.1213.0612.95
Resistance13.55 13.66 13.74 13.90 14.00

Recommendation

According to our analysis, we believe that it is good sell silver at 13.45 with targets at 13.05 and stop loss at 13.80.