Silver declined sharply yet with no four-hour closing below 26.50, confirming the possible bullish AB=CD pattern. Stochastic provided a positive crossover and RSI provided a bullish reversal and therefore we hold onto our positive expectations and see the possibility for silver to move higher today. Areas of 26.00 should remain intact without a four-hour closing below it.
The trading range for today is among the key support at 25.35 and the key resistance 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.
|Recommendation||Based on the charts and explanations above, our opinion is buying silver around 26.75 targeting 28.53 and stop loss with four-hour closing below 26.00 might be appropriate|