Morning Report

From a classic perspective we can see the glimpse of a classic bullish pattern which will be confirmed with the breach of 17.70. Continued trading above 17.19 is vital to keep this pattern valid to the upside. Assessing technical indicators, ADX is pointing to the upside and so is RSI which is trading positively yet does not rule out the possibility for heightened volatility amid the upside wave in an attempt for Stochastic to exits heavy buying saturated areas.

The trading range for today is among the key support at 16.35 and key resistance now at 18.60.

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

Support17.6017.5417.4717.3517.28
Resistance17.7017.7217.8618.0018.25
RecommendationBased on the charts and explanations above our opinion is, buying silver with the breach of 17.72 targeting 18.25 and stop loss below 17.54 might be appropriate