Morning Report

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Level of 36.95 represents 161.8% of CD leg for the suggested Bat pattern and commonly this is the last extended technical target for the harmonic patterns. Stochastic supports the technical idea of visiting this level which was our technical target suggested since two weeks. The bullish effect of the harmonic 5-0 pattern continues and thus, more bullishness could be seen over intraday basis but if it failed to maintain levels above 36.95 with a four hour closing, the bearishness will come back into focus.

The trading range for today is among the key support at 34.85 and key resistance now at 38.50.

The general trend over short term basis is to the downside targeting 26.65 as far as areas of 48.50 remain intact with weekly closing.

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Eye On Silver

RecommendationBased on the charts and explanations above our opinion is, staying aside until we see the price behaviors around 36.95.