Morning report

Silver declined sharply reviving that the harmonic bearish pressure was very strong that pushed it to approach our 2nd expected technical target of 16.40 zones -check the analysis here-. Now, the oversold signs which appear on momentum indicators may help it to correct mildly towards the broken support level of 16.75-16.80, before resuming the downside rally towards the full correctional level at 15.90, supported by the daily candlestick formation -secondary image-.Therefore we keep our overview to the downside over the intraday basis.

The trading range for today is among the key support at 15.40 and key resistance now at 17.95.

The general trend is to the upside as far as 12.45 remains intact with targets at 19.40.

RecommendationBased on the charts and explanations above our opinion is, selling silver from 16.80 targeting 16.15 and stop loss above 17.35 might be appropriate.