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Corrective Cycle Still In Play

SILVER TECHS
  • RES 4: $27.831 - High Jun 16 2021
  • RES 3: $27.245 - High Jun 17 2021
  • RES 2: $27.000 - Round number resistance
  • RES 1: $26.063/943 - High Mar 10 / High Mar 8 and the bull trigger
  • PRICE: $25.009 @ 07:58 GMT Mar 21
  • SUP 1: $24.473 - Low Mar 16
  • SUP 2: $24.301 - 50-day EMA
  • SUP 3: $23.850 - Low Feb 24
  • SUP 4: $22.863 - Low Feb 11

Silver remains in an uptrend however the recent pullback - a correction - is still in play despite the bounce off last Wednesday’s $24.473 low. Potential is seen for a deeper short-term pullback. The metal traded below the 20-day EMA last week and attention turns to the 50-day EMA at 24.301. This EMA marks an important support. For bulls, a move above $26.00 would refocus attention on the key resistance at 26.943, the Mar 8 high.

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