Morning Report

Stabilizing below the previous broken uptrend line from A to C is another negative indication that the bearish effect of the suggested harmonic butterfly pattern is still dominating the movements of silver. We need a four hour closing below 38.2% Fibonacci of CD leg at 29.05 to make sure that the harmonic effect will continue.

The trading range for today is among the key support at 27.85 and key resistance now at 30.00.

The general trend over the short term basis is to the downside targeting $ 22.95 per ounce as far as areas of 29.80 remain intact.

Previous Report

Weekly Report

Support29.0529.0028.8528.6028.45
Resistance29.5529.8530.0030.2030.30
RecommendationBased on the charts and explanations above our opinion is, selling around 29.35 targeting 27.85 and stop loss with a four hour closing above 29.85 might be appropriate.