Morning report

The extension of CD wave of our detected harmonic formation has been limited at 16.80, below the key point of 16.85, where a downside action has been activated while the daily closing has followed gold, forming a shooting star pattern also. Hence a bearish wave is highly awaited over the intraday and short term basis.

The trading range for today is among the key support at 15.75 and key resistance now at 17.90.

The general trend is to the upside as far as 10.95 remains intact with targets at 17.90.

RecommendationBased on the charts and explanations above our opinion is, selling silver from 16.65 targeting 16.10 and stop loss above 17.10 might be appropriate.