Morning Report

The mixture between the harmonic studies and classical overview shows theta, the bearish technical effect of the negative AB=CD pattern has taken the metal towards our yesterday's projected target at 16.75 zones. Now, with the break of the neckline for the classical formation we think that silver is to show additional descending actions on the intraday basis, targeting 16.25 over short term basis.

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.

Support16.8116.7516.7016.6516.52
Resistance17.0517.1817.2517.3517.45
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.