The upside move seen for the metal yesterday was not able to stabilize above 36.35 -23.6% correction- as shown above on the chart. We see the possibility for the metal to move to the downside today as currently the metal is within the C bearish wave of the Zigzag pattern, and supported by Stochastic. The downside move will fail if areas of 37.00 -main resistance for the descending wave- are breached, while stability above 36.35 weakens the suggested scenario.
The trading range for today is among the key support at 34.35 and key resistance now at 37.45.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact with weekly closing.
|Recommendation||Based on the charts and explanations above our opinion is selling silver around 36.00 and take profit in stages at 35.00, 34.35, 33.90 and stop loss with daily closing above 36.35 might be appropriate|