Morning Report

Silver dropped sharply under the negative pressure obtained from breaching for the uptrend line of the CD leg of the bearish harmonic AB=CD pattern. Yesterday's negative candlestick formation has opened the door up for further bearishness over the intraday basis, targeting 16.25 areas. Indicators support our overview.

The trading range for today is among the key support at 15.90 and key resistance now at 17.95.

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

 
Support16.9016.8516.7216.6516.52
 
Resistance17.0017.0517.1817.2517.30
 
RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.00 targeting 16.35 and stop loss above 17.55 might be appropriate.
 

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