Morning Report

Silver also is moving slightly upwards in order to correct the aggressive downside wave that started at 19.40 zones but it's still controlled inside the momentum's bearish channel. The hourly interval-secondary image- shows obvious negative sign. Henceforth, potential downside movements are to be witnessed over intraday basis. The bearish effect of the AB=CD pattern is still in favor.

The trading range for today is among the key support at 15.90 and key resistance now at 18.35.

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

Eye on silver-click here-.

 
Support17.4517.3517.2517.1817.05
 
Resistance17.6517.7217.7717.8517.90
 
RecommendationBased on the charts and explanations above our opinion is, selling silver from 17.65 targeting 17.00 and stop loss above 18.15 might be appropriate.
 

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