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Bearish Risk Still Present

SILVER TECHS
  • RES 4: $27.628 - High Sep 15
  • RES 3: $26.968 - High Sep 21
  • RES 2: $26.008 - High Nov 9 and a bull trigger
  • RES 1: $25.661 - Trendline resistance drawn off the Aug 7 high
  • PRICE: $24.116 @ 07:06 GMT Nov 20
  • SUP 1: $23.578 - Low Nov 9
  • SUP 2: $23.234 - Low Nov 11
  • SUP 3: $22.594 - Low Oct 29
  • SUP 4: $21.677 - Low Sep 24 and the key bear trigger

Silver remains vulnerable. The recent Nov 9 sell-off means that trendline resistance drawn off the Aug 7 high and intersecting at $25.661 remains intact. A breach of this trendline is required to reinstate a recent bullish focus and signal scope for a stronger rally. This would open $26.968, Sep 21 high. On the downside weakness through $23.578/234, Nov 9 and 4 low would instead expose the more important near-term support at $22.594, Oct 29 low.

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