Morning Report

Silver started to move steadily below the pivotal support level of 17.05, indicating that the bearish effect obtained form the bearish harmonic AB=CD pattern is to continue over intraday and short term basis. Yesterday's negative candlestick formation has opened the door uptowards 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.

Eye on silver-click here-.

 
Support16.8516.7216.6516.5216.45
 
Resistance17.0017.0517.1817.2517.30
 
RecommendationBased on the charts and explanations above our opinion is, selling silver from 16.95 targeting 16.35 and stop loss above 17.50 might be appropriate.
 

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