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SILVER TECHS: Bearish Conditions Hold
*RES 4: $18.228 - High Nov 4
*RES 3: $18.051 - Channel top drawn off Sep 24 high
*RES 2: $17.675 - High Nov 7
*RES 1: $17.145 - High Nov 8
*PRICE: $16.896 @ 08:13 GMT Nov 18
*SUP 1: $16.646 - Low Nov 12
*SUP 2: $16.540 - Low Aug 13
*SUP 3: $16.337 - 61.8% retracement of May 28 - Sep 4 rally
*SUP 4: $16.290 - Projected bear channel base drawn off Sep 24 high
Recent gains in Silver have been viewed as a correction. The outlook remains
bearish following the breach on Nov 8 of former key support at $16.891, Oct 1
low. This reinforced current bearish conditions and confirmed a resumption of
the downtrend that has been in place since prices peaked on Sep 4. Attention is
on a move towards $16.540 next with the bear trigger at $16.646, Nov 12 low. On
the upside, resistance is at $17.675, Nov 11 high.