Morning Report

Moving below SMA 50- currently valued at 17.65- alongside the bearish candlesticks formation on the secondary four-hour chart; supports the continuation for the bearish harmonic scenario of AB=CD pattern over intraday basis. Note that the price action shows that a price explosion is underway to the downside particularly if it succeeds in breaching the key support level of 17.05.

The trading range for today is among the key support at 15.90 and key resistance now at 18.45.

The general trend is to the upside as far as 12.45 remains intact with targets at 20.15.

 
Support17.2517.1817.0517.0016.90
 
Resistance17.3517.4717.5417.6017.65
 
RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.35 targeting 16.75 and stop loss above 17.85 might be appropriate.
 

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