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Bearish Price Action

  • RES 4: $25.293 - High Apr 20
  • RES 3: $24.729 - 76.4% retracement of the Mar - Sep bear leg
  • RES 2: $24.637 - High Feb 2 and the bull trigger
  • RES 1: $23.109 - 20-day EMA
  • PRICE: $22.038 @ 07:24 GMT Feb 10
  • SUP 1: $21.835 - Intraday low
  • SUP 2: $21.099 - 50.0% retracement of the Sep 1 - Feb 2 bull leg
  • SUP 3: $20.872 - Low Nov 28
  • SUP 4: $20.585 - Low Nov 21

A sharp sell-off in Silver on Feb 3 resulted in a break of $22.557, the Dec 16 low. Price has also traded below the 50-day EMA - a bearish development. The move lower highlights a range breakout and if this is correct, it warns of a short-term trend reversal. A continuation lower would open $21.099, a Fibonacci retracement. On the upside, initial resistance is seen at $23.109, the 20-day EMA ahead of $24.637, the Feb 2 high.

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