Silver Technical Precious Metals (2009-12-17)

The metal rebounded downwards aggressively from 17.75 zones, forming a clear bearish candlesticks formation, seen on the provided four-hour chart. The bearish sign appears on RSI, alongside moving below EMA 50; indicate that the potential reversal zone of the harmonic structure is very efficient and it's negatively pressuring silver to the downside. Henceforth, additional bearish actions are to be witnesses over intraday basis.

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.

Support
17.40
17.35
17.30
17.25
17.18

Resistance
17.55
17.60
17.65
17.72
17.77

Recommendation
Based on the charts and explanations above our opinion is, selling silver from 17.50 targeting 16.90 and stop loss above 17.95 might be appropriate

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