The secondary image shows a clear bearish candlestick structure as the resistance line of the bearish channel has been able to force the metal to show downside actions yesterday. These declines suggest that the allover bearish classical pattern is still in progress. On the same daily chart, we can see that Stochastic has overlapped negatively, confirming the proposed bearish scenario over intraday basis. A decisive breakout below 18.25 could bring panic sell-off movements.
The trading range for today is among the key support at 17.80 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 with a break of 18.25 targeting 17.60 and stop loss above 18.75 might be appropriate.|