Morning Report

Touching the PRZ of the AB=CD pattern along, alongside touching the extended technical target of the bearish harmonic buttery pattern make us suggest a potential upside recovery, influenced by the bullish harmonic formation. Stochastic is currently showing overbought sign and thus we may visit 26.00 levels but a stable move above 26.00-26.55, which will keep the probability of resuming this temporal bullishness. We described this bullishness as temporal due to an Elliott scenario, which we will discuss in the proper time.

The trading range for today is among the key support at 25.35 and key resistance now at 28.05.

The general trend over short term basis is to thedownside targeting 23.60 as far as areas of 30.80 remain intact with weekly closing.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying silver around 26.55 targeting 28.05 and stop loss with a four hour closing below 25.80 might be appropriate.