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Bullish Engulfing Candle Still In Play

SILVER TECHS
  • RES 4: $26.397 - 1.50 proj of the Oct 3 - 20 - Nov 13 price swing
  • RES 3: $26.222 - High Apr 18 2022
  • RES 2: $26.135 - High May 5 and a key resistance
  • RES 1: $24.519/25.761 - 61.8% of Dec 4 - 13 bear leg / High Dec 4
  • PRICE: $24.063 @ 08:02 GMT Dec 20
  • SUP 1: $22.510 - Low Dec 13 and key short-term support
  • SUP 2: $21.883 - Low Nov 13 and a key support
  • SUP 3: $20.689 - Low Oct 3 and the bear trigger
  • SUP 4: $19.904 - Low Mar 10 and a key support

Silver traded sharply higher on Dec 13 highlighting a reversal. The metal is also trading closer to its recent highs, reinforcing the developing bullish theme. The Dec 13 price pattern appears to be a bullish engulfing candle. If correct, this highlights potential for a continuation higher. An extension would open $24.519, a Fibonacci retracement. Key resistance is at $25.761, the Dec 4 high. Key support lies at $22.510, the Dec 13 low.

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