Silver inclined violently, touching the areas of our yesterdays captured bullish channel as we seen on the provided four-hour chart. There are some technical factors that argue us to suggest a negative scenario over intraday basis as follows:
1-Forming bearish candlesticks pattern around the pivotal resistance areas of 18.30.
2-Negative divergence was formed on Stochastic, accompanied by negative crossover.
3- A bearish channel was formed successfully on Stochastic.
The trading range for today is among the key support at 17.65 and key resistance now at 18.75.
The general trend over the short term basis is to the upside, targeting $ 21.50 per ounce as far as areas of 16.20 remain intact.
Weekly Report Previous ReportSupport18.1518.0518.0017.9017.80Resistance18.3018.3518.4018.4618.55RecommendationBased on the charts and explanations above our opinion is, selling silver around 18.30 targeting 17.75 and stop loss above 18.75 might be appropriate.