The bearish harmonic formation [AB=CD] has been completed at 261.8% Fibonacci level around 18.95, where a negative divergence has been captured, seen on the four-hour chart. Henceforth downside movements are to be witnessed on intraday basis, supported by the negative candlesticks pattern. AROON supports this overview.
The trading range for today is among the key support at 16.75 and key resistance now at 19.40.
The general trend is to the upside as far as 12.45 remains intact with targets at 19.40 followed by 20.15.
|Recommendation||Based on the charts and explanations above our opinion is, selling silver from 18.65 targeting 18.15 and stop loss above 19.05 might be appropriate.|