Morning report

After the sharp inclines that approached the projected technical target of yesterday's report, the bearish candlestick formation confirmed the first potential reversal zone-D- of the bearish harmonic structure as seen on the above four-hour chart. Moving freely below 127% Fibonacci level has signaled an intraday bearish scenario, supported by the negative signs appearing on the momentum indicators. Note that a breakout below 17.28 will accelerate the negative anticipation.

The trading range for today is among the key support at 16.65 and key resistance now at 18.50.

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 17.65 targeting 17.10 and stop loss above 18.10 might be appropriate.