Free Trial

Bears Need Close Below Channel Base....>

SILVER TECHS: Bears Need Close Below Channel Base
*RES 4: $18.226 - Bollinger band top 
*RES 3: $18.212 - High Sept 8 
*RES 2: $18.066 - Hourly resistance Sept 8 
*RES 1: $17.915 - High Sept 11
*PRICE: $17.742 @ 0340GMT
*SUP 1: $17.698 - Low Sept 11
*SUP 2: $17.662 - High Aug 29 now support
*SUP 3: $17.602 - Daily Bull channel base
*SUP 4: $17.440 - Hourly resistance Aug 31 now support
*COMMENTARY: Daily studies correcting from O/B and the Bollinger top remain
concerns for bulls and combined with Friday's sell-off and Monday's gapping move
lower increase the risk of a correction. Bears now need a close below the
channel base to confirm an easing of bullish pressure and shift immediate focus
to $17.078-382 where 21 & 200-DMAs are situated. Bulls now look for a close
above $17.915 to gain breathing room.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.