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The metal fluctuated yesterday ending the day with big collapse which confirmed the bearish harmonic formation. Now, silver is trading below 36.35 zones; whilst RSI is stable below 50.00 supporting the bearish anticipations. Stochastic reflects oversold case suggesting more fluctuation, but stability below 36.35 zones makes the bearishness in favor. To conclude, the metal may retest 35.60 zones once more beforemoving to the dowside towards34.76 areas. The aforesaid corrections are 38.2% and 61.8% of CD leg.
The trading range for today is among the key support at 33.30 and key resistance now at 37.45.
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.
|Recommendation||Based on the charts and explanations above our opinion is, selling silver around 35.90 gradually targeting 35.60 and 34.76 , while the stop loss is a four hour closing above 36.75 might be appropriate.|