Morning report

The bullish harmonic [Bat] pattern has pushed the metal to reach the first objective at 17.50 zones. Now, after reaching 76.4% Fibonacci level we think that, a possible downside corrective action is needed on the intraday basis, targeting [16.95-16.75] zones before resuming upside rally. The secondary four-hour shows a negative candlestick pattern has been formed, supporting our scenario.

The trading range for today is among the key support at 16.00 and key resistance now at 18.45.

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 17.40 targeting 16.90 and stop loss above 17.80 might be appropriate.