Morning Report

A slight upside correction does not negate the bearish harmonic butterfly pattern, which is nearly ideal. Stochastic shows upside weakness while trading below 29.05 keeps the bearishness valid towards the utmost targets for the pattern as shown on the chart above. Since intraday trading is below 29.05 and below 30.35 over short term basis, the downside move is highly likely for silver today.

The trading range for today is among the key support at 26.65 and the key resistance at 30.35.

The general trend over short term basis is to thedownsidetargeting 22.95 as far as areas of 29.80 remain intact with weekly closing.

Previous Report

Weekly Report

Support28.6028.4528.0527.8527.40
Resistance29.0529.2029.7529.9530.00
RecommendationBased on the charts and explanations above, our opinion is selling silver around 29.05 targeting 27.40 and stop loss with daily four-hour closing above 30.00 might be appropriate