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

SILVER TECHS
SILVER TECHS: Above $17.240 To Reconfirm Bullish Bias
*RES 4: $17.505 - Daily Bull channel top 
*RES 3: $17.488 - Low June 5 now resistance 
*RES 2: $17.240 - High Aug 10, Bollinger band top 
*RES 1: $17.070 - Hourly support Aug 16 now resistance
*PRICE: $16.978 @ 0430GMT
*SUP 1: $16.895 - Hourly support Aug 16
*SUP 2: $16.750 - Hourly resistance Aug 16 now support
*SUP 3: $16.715 - 21-DMA
*SUP 4: $16.600 - 55-DMA
*COMMENTARY: The recovery from a test of 21 & 55-DMAs has stalled ahead of the
$17.240 resistance which is a concern with daily studies looking to correct from
modestly O/B. Overall bears need a close below $16.450 to end bullish hopes and
initially target $15.976-16.135. A close below $163750 today is needed to add
weight to their case. Bulls now look for a close above $17.070 to gain breathing
room and above $17.240 to target $17.488-742.

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