Morning Report

The subsidiary image of the four-hour interval shows that silver has formed a clear bearish candlestick formation, accompanying by negative crossover on Stochastic indicator. Thus; we believe that more bearishness could occur over intraday basis, supported by the bigger picture of the classical pattern over daily basis. The potential cluster support of today resides at 18.05 and a break of which could accelerate our proposed scenario.

The trading range for today is among the key support at 17.65 and key resistance now at 18.95.

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.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling silver around 18.30 targeting 17.70 and stop loss above 18.80 might be appropriate.