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Bear Flag Correction

SILVER TECHS
  • RES 4: $26.467 - High Jul 14
  • RES 3: $26.002 - High Aug 04 and a key resistance
  • RES 2: $25.405 - 50-day EMA
  • RES 1: $24.561 - 20-day EMA
  • PRICE: $23.873 @ 07:56 BST Aug 17
  • SUP 1: $22.626 - Low Aug 09 and the bear trigger
  • SUP 2: $22.222 - 3.0% Lower Bollinger Band
  • SUP 3: $21.899 - Low Nov 30, 2020
  • SUP 4: $20.871 - 50% retracement of the Mar '20 - Jan '21 rally

Silver remains bearish. The confirmation of a death cross in the DMA space recently highlights the current bearish theme and note too that recent price action since Aug 9, has taken on the appearance of a bear flag. A break and close below the Aug 9 low of $22.626 would confirm a resumption of bearish pressure and open a key Fibonacci support at 20.871, 50% of the Mar '20 - Feb '21 range. The 20-day EMA at $24.561 marks resistance.

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