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Bullish Despite The Recent Pullback

SILVER TECHS
  • RES 4: $26.775 - High Jul 6 2021
  • RES 3: $26.467 - High Jul 14, 2021
  • RES 2: $26.002 - High Aug 4, 2021
  • RES 1: $25.692/625 - Intraday high / High Feb 24
  • PRICE: $24.199 @ 07:26 GMT Feb 28
  • SUP 1: $23.850 - Low Feb 24
  • SUP 2: $23.402 - 50-day EMA
  • SUP 3: $22.863/008 - Low Feb 11 / Low Feb 3 and key S/T support
  • SUP 4: $21.949 - Low Jan 7

Silver traded in an extremely volatile manner Thursday, rallying to a high of $25.625 before reversing lower. Despite the pullback, the outlook remains bullish and scope is seen for a continuation higher to retest $25.406, the Nov 16 2021 high. This level was probed last week, a clear break would strengthen the case for bulls. On the downside, initial support lies at $23.850, the Feb 24 low. Dips would be considered corrective.

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