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SILVER TECHS: Correcting Higher
*RES 4: $18.225 - High Nov 4
*RES 3: $18.010 - Channel top drawn off Sep 24 high
*RES 2: $17.677 - High Nov 7
*RES 1: $17.437 - 50% retracement of Nov 4 - Nov 12 decline
*PRICE: $17.141 @ 07:04 GMT Nov 20
*SUP 1: $16.745 - Low Nov 18
*SUP 2: $16.649 - Low Nov 12 and bear trigger
*SUP 3: $16.540 - Low Aug 13
*SUP 4: $16.340 - 61.8% retracement of May 28 - Sep 4 rally
Current gains in Silver are still being viewed as a correction. The outlook
remains bearish following the breach on Nov 8 of former key support at $16.898,
Oct 1 low. This reinforced the bearish conditions and confirmed a resumption of
the downtrend that has been in place since prices peaked on Sep 4. Attention is
on a move towards $16.540 next with the bear trigger at $16.649, Nov 12 low. On
the upside, resistance is at $17.677, Nov 7 high.