Morning report

The bounce from 15.71 areas is considered a normal correction for the bearish harmonic scenario as the overbought signs appear on the four-hour chart as shown on the secondary image are expected to be activated around the key resistance level of 16.35 zones, which represents the previous broken trend line and it may re-test it from below. Therefore we keep our intraday overview to the downside over the intraday basis.

The trading range for today is among the key support at 14.90 and key resistance now at 17.30.

The general trend is to the upside as far as 10.95 remains intact with targets at 18.50.

RecommendationBased on the charts and explanations above our opinion is, selling silver from 16.35 targeting 15.75 and stop loss above 16.85 might be appropriate.