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Bearish Cycle Still In Play

SILVER TECHS
  • RES 4: $27.831 - High Jun 16 2021
  • RES 3: $27.245 - High Jun 17 2021
  • RES 2: $26.063/943 - High Mar 10 / High Mar 8 and the bull trigger
  • RES 1: $25.847 - High Mar 24
  • PRICE: $24.321 @ 07:18 BST Apr 7
  • SUP 1: $23.974 - Low Mar 29 and the bear trigger
  • SUP 2: $23.850 - Low Feb 24
  • SUP 3: $23.173 76.4% retracement of the Feb 3 - Mar 8 rally
  • SUP 4: $23.082 - Low Feb 15

Silver resistance is at $25.847, the Mar 24 high. A short-term bearish theme remains intact and potential is seen for a deeper retracement. Price is once again below the 50-day EMA at $24.518. This EMA marks an important support and a clear break would signal scope for a deeper pullback. For bulls, a move above $26.00 would alter the picture and refocus attention on $26.943, the Mar 8 high.

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