The bullishness continued dominating the movements and we witnessed a closing above 37.95, which caused damaged intraday outlook, but areas around 38.68 may represent the PRZ of a bearish harmonic crab pattern. This pattern will be valid as far as trading remains below 39.25 with a daily closing. Risk versus reward is too high since we need a four hour closing below 38.15 to assist the metal to show a bearish direction.
The trading range for today is among the key support at 36.75 and key resistance now at 40.95.
The general trend over short term basis is to theupside,targeting 39.05 as far as areas of 30.80 remain intact with weekly closing.
|Recommendation||Based on the charts and explanations above our opinion is, selling silver around 38.68, gradually targeting 37.75 and 36.75; while the stop is a daily closing above 39.25 might be appropriate.|