In line with our yesterday's explained bearish scenario, silver declined sharply after retesting the broken uptrend line of the ascending channel from below. The secondary image of the four-hour interval shows the bearish candlesticks formation and hence, potential downside actions could be witnessed over intraday basis. We believe that, the double top pattern is still in favor over short term basis towards the technical objective as seen on the above image.
The trading range for today is among the key support at 15.70 and key resistance now at 17.10.
The general trend is to the upside as far as 12.45 remains intact with targets at 20.15.
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|Recommendation||Based on the charts and explanations above our opinion is, selling silver from 16.40 targeting 15.85 and stop loss above 16.85 might be appropriate.|