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Bear Threat Remains Present

SILVER TECHS
  • RES 4: $22.253 - 50.0% retracement of the Mar 8 - Sep 1 bear cycle
  • RES 3: $21.967 - High Jun 17
  • RES 2: $21.540 - High Jun 27
  • RES 1: $20.187/21.242 - High Oct 10 / 4 and key resistance
  • PRICE: $19.001 @ 08:16 BST Oct 14
  • SUP 1: $18.455 - Low Oct 13
  • SUP 2: $17.967/562 - Low Sep 28 / Low Sep 1 and bear trigger
  • SUP 3: $16.955 - Low Jun 15 2020
  • SUP 4: $16.473 - 1.00 proj of the Jun 6 - Jul 14 - Aug 10 price swing

Silver found resistance on Oct 4 at $21.242 on Oct 4. The subsequent reversal has resulted in a break of the 50-day EMA. This suggests potential for a continuation lower and the metal traded lower again yesterday. The clear break of $19.052, the Oct 3 low, has exposed $17.967, the Sep 28 low. Key resistance is at $21.242, where a break is required to reinstate a bullish theme and a stronger reversal.

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