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SILVER TECHS: Bears Strengthen Their Hold
*RES 4: $18.803 - High Sep 6
*RES 3: $18.746 - High Sep 24 and key near-term resistance
*RES 2: $18.054 - High Sep 26
*RES 1: $17.400 - Low Sep 13
*PRICE: $16.962 @ 07:38 BST Oct 1
*SUP 1: $16.891 - Intraday low
*SUP 2: $16.540 - Low Aug 13
*SUP 3: $16.337 - 61.8% retracement of May 28 - Sep 4 rally
*SUP 4: $15.920 - Low Aug 1
Silver remains under pressure following yesterday's sharp sell-off and today,
bears have already pressured the metal further. With former key support at
$17.400, Sep 13 low cleared, attention turns to support at $16.540, Aug 13 low
as the next objective. Note that the 50% retracement of the entire rally between
May 28 - Sep 4, at $16.970 has been achieved. The 61.8% retracement lies at
$16.337. Initial resistance is at $17.400.