Morning Report

Coming below the key resistance level of the intraday basis at 18.20-161.8% Fibonacci of XA leg for the bearish harmonic pattern- alongside forming bearish candlestick construction could have been able to indicate a false breakout. Therefore we believe that, potential downside movements are to be witnessed over intraday basis, supported by the slant negative divergence appearing on OsMA indicator.

The trading range for today is among the key support at 17.05 and key resistance now at 19.45.

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

Weekly Report

Support17.9517.8517.7217.6517.60
Resistance18.1018.1518.2018.3318.45
RecommendationBased on the charts and explanations above our opinion is, selling silver from 18.10 targeting 17.60 and stop loss above 18.50 might be appropriate