Silver declined aggressively from the pivotal resistance areas around 18.60, where it formed a clear negative divergence as seen on the secondary four-hour chart. Not only that, but the allover structure of the candlesticks definitely bearish. Thus; the bearish classical pattern appearing on the main daily chart could have been activated. In result, possible bearishness could be witnessed over intraday basis. We recommend reviewing the weekly chart for more classical details.
The trading range for today is among the key support at 17.60 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.
|Recommendation||Based on the charts and explanations above our opinion is, selling silver around 18.30 targeting 17.70 and stop loss above 18.75 might be appropriate.|