Morning report

The possibility of forming a bullish harmonic pattern is confirmed gradually as we see on the above chart as the price was protected from additional downside actions via 12.00 (cluster support zones) particularly after the positive candle stick close above the mentioned level forming a clear bullish pattern appearing on the secondary image while indicators supports this bullishness clearly . Therefore we will keep our outlook to the upside today and any clear breakout occurs above 12.30 will accelerate this highly anticipated movements.

The trading range for today is among the key support at 11.80 and key resistance now at 13.00.

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












Support12.1612.0511.9511.8511.70
Resistance12.35 12.50 12.63 12.75 12.84

Recommendation

According to our analysis, we believe that it is good buy silver at 12.25 with targets at 12.75 and stop loss at 11.85.