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Above $17.240 To Reconfirm Bullish.....>

SILVER TECHS
SILVER TECHS: Above $17.240 To Reconfirm Bullish Bias
*RES 4: $17.742 - Monthly high June 6 
*RES 3: $17.488 - Low June 5 now resistance 
*RES 2: $17.462 - Daily Bull channel top 
*RES 1: $17.240 - High Aug 10, Bollinger band top
*PRICE: $17.141 @ 0430GMT
*SUP 1: $17.070 - Hourly support Aug 16
*SUP 2: $16.976 - 100-DMA
*SUP 3: $16.750 - Hourly resistance Aug 16 now support
*SUP 4: $16.613 - 55-DMA
*COMMENTARY: Bears failed to capitalise on pressure on 21 ($16.687) & 55 DMAs
with the bounce seeing pressure return to $17.240. Bulls need a close above this
level to reconfirm a bullish bias and target layers of resistance $17.462-742.
The Bollinger top is the key concern for bulls with potential to limit follow
through. Bears now need a close below the 100-DMA to gain breathing room and
below the 55-DMA to pressure the bull channel base ($16.413).

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