Morning Report

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From a pure classical point of view, it seems that the metal is drawing a huge bearish pennant pattern over four hour interval. This continuation pattern will be confirmed once its support line is breached; whilst the candlesticks formation is negative and covered by parabolic SAR. Thereby, the bearishness is still in favor over intraday basis.

The trading range for today is among the key support at 33.90 and key resistance now at 38.90.

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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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling silver around 36.90 targeting 34.15 and stop loss above 38.50 might be appropriate.