Morning Report

Silver rebounded to the upside after reaching areas around the support level at 26.05, where the incline seen lifted silver above 88.6% Fibonacci correction of the upside move, which started from the bottom of 26.02 and ended at the top of 35.68 as shown above on the chart. The metal could form a bullish Bat harmonic pattern, which remains valid as long as the metal is stable above 24.75 and remains ideal as long as the metal is stable above 26.05. This pattern is expected to trigger a correctional move, and could support silver to incline in the coming short-period. Stochastic supports our expectations. However, we should pay attention, where the Bat pattern is very risky due to the several possibilities for the (D) point.

The trading range for today is among the key support at 23.40 and key resistance now at 29.70.

The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.

**New York Candlesticks**

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Weekly Report

 
Support27.1026.6526.0525.5525.15
 
Resistance27.5028.1028.6028.8529.05
 
RecommendationBased on the charts and explanations above, our opinion is buying silver around 27.10, and take profit in stages at (28.10 and 29.05) and stop loss with 4-hour closing below 26.05 might be appropriate