Morning Report

In a classical outlook, we see that silver is trading below the MA 50; whereas the bearish candles that had formed were below this average, which support the possibility of this bearish trend's continuation. The stochastic on the daily chart is presenting a negative reversal that supports our expectations for today. The breach of main support for the bullish direction will quicken the expected bearish direction; where this support is the neckline for the negative bearish technical pattern at 16.90.

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

The general trend is to the upside as far as 12.45 remains intact with targets at 19.40 and 20.15.

RecommendationBased on the charts and explanations above our opinion is selling silver from 17.10 targeting 16.75 and stop loss above 17.65, might be appropriate.