Stochastic has just completed a bearish harmonic formation, accompanied by negative crossover. Therefore, the previous suggested reversal classical pattern could be activated any time today. Consequently, we keep our outlook to the downside over intraday basis, while a break of 18.25 could accelerate this scenario.
The trading range for today is among the key support at 17.60 and key resistance now at 18.90.
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 18.35 targeting 17.70 and stop loss above 18.75 might be appropriate.|